Word: saudi
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Dates: during 1940-1949
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...that if the whisperer was Oilman James A. Moffett, it was worth plenty. The jury awarded the onetime FHAdministrator a fat $1,150,000 judgment in his suit against Arabian American Oil Co., Inc. for certain "services rendered" (TIME, Feb. 28). The services, according to Moffett, were very special. Saudi Arabia's King Ibn Saud had demanded an extra $6,000,000 a year from Aramco in 1941, on the threat of tearing up its multi-billion-dollar concession in his country. Moffett claimed that he had persuaded Franklin D. Roosevelt to propose that Ibn Saud's sagging...
Pacific Western Oil Corp.'s J. Paul Getty closed his big deal with King Ibn Saud of Saudi Arabia, for the oil concession in the King's half of the "neutral zone" between Arabia and Kuwait on the Persian Gulf (TIME, Feb. 21). Getty expects to start drilling in a few months, and will develop the zone with the American Independent...
...King Ibn Saud of Saudi Arabia was in trouble. The war had cut off the annual Moslem pilgrimages to Mecca, a prime source of his revenue. Ibn Saud needed cash, and he thought the quickest way to get it was to ask Arabian American Oil Co., which held the rich Saudi Arabian oil concession, to fork over an extra $6,000,000 a year. Aramco balked. But in far-off New York was a man who thought he could fix things...
...Washington on his mission in 1941, he persuaded F.D.R. to help Aramco in its troubles with Ibn Saud. Moffett introduced a 1941 memo from President Roosevelt to Federal Loan Administrator Jesse Jones, which said: "Will you tell the British I hope they can take care of the King of Saudi Arabia-this is a little far afield...
...Texas Co. and Standard Oil Co. of California, bought an interest in Italy's Petrolea S.A., subsidiary of FIAT. Caltex will build a $15 million plus, 10,000-daily-barrel refinery in the Po Valley. Like Standard's new Italian reineries, Caltex will process crude from Saudi Arabia...