Word: saud
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Dates: during 1950-1959
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Gamal Abdel Nasser declared open war on King Saud last week-the man whom he has often wooed in the past, whose oil moneys have helped fuel Nasser's subversions, whose army only two years ago was nominally put under a joint command headed by an Egyptian...
...cashed at the Arab Bank branch in Damascus." Bearer, roared Nasser, was Serraj, who, as conscientious as he was vigilant, had accepted the check, then hurried to tell Nasser all about it. "We decided to nationalize it," said Nasser, and with a big grin, related how they coaxed Saud's agents into paying $5,600,000 of the promised $60 million in advance, and cashed the "money-oil money, to be used by us here for building heavy industry which will become the first pillar in our new five-year plan...
...furious outburst from his Damascus balcony, Nasser abruptly ended his brief truce with the rival Arab Federation (Iraq and Jordan). Evidently Nasser was angered by the Iraqi and Jordanian foreign ministers' attempts to line up Saudi Arabia's King Saud for their union...
...Mideast areas left untouched: the Neutral Zone, a barren, null tract owned jointly by Kuwait and Saudi Arabia. Already, the American Independent Oil Co. (Aminoil) had a 60-year concession from Kuwait for its half share in the zone, and several companies were negotiating with King Ibn Saud of Saudi Arabia for his share...
Getty stepped in and outbid them all. Though not a drop of oil had yet been discovered in the Neutral Zone, he offered Saud $9,500,000 in cash, $1,000,000 a year whether he hit oil or not, to be applied against 55?-per-bbl. royalties and 25% of the company's net profits from Neutral Zone production. In 1949, "in the name of God, the Merciful, the Compassionate," Pacific Western and the Kingdom of Saudi Arabia signed an agreement giving Getty one-half interest in the Neutral Zone for 60 years. Getty sent son George...