Word: saudi
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Dates: during 1950-1959
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First he went to the local police court and obtained a certificate of good conduct. Then he went to the Saudi Arabian consulate for a free visa (before 1951, when Saudi Arabia was not yet oil-rich, the government taxed pilgrims $72 a head). Then Ahmed paid $144 for a round-trip airplane ticket from Beirut to Jidda on the Red Sea, 1,000 miles away...
Texaco gets a company rich in reserves to protect itself against trouble in the Middle East. Though it has large holdings in Louisiana and Canada, 40% of Texaco's oil comes from a 30% interest in Saudi Arabia's Arabian American Oil Co., a 7% interest in the Iranian consortium, and a 50% interest in Caltex operations in Sumatra and elsewhere. To back them up, Texaco bought Trinidad Oil Co. Ltd. in 1956, last year added Seaboard Oil Co. Now with Superior, it gets big production in Venezuela's rich Maracaibo field, crude-oil reserves of well...
...intervention of Ibn Saud's second son, the able, hawk-nosed Crown Prince Feisal, 55, saved his throne. "He is our brother," said Feisal, as he himself took over in King Saud's name the direction of defense, finance and foreign affairs. He called off ill-judged Saudi forays into Arab politics, decreed a system of ministerial responsibility in the desert realm. Preparing the first real Saudi budget, Feisal pruned royal spending (not a single Cadillac was imported into Saudi Arabia in the first six months of this year), strengthened the riyal from 6.5 to less than...
...last week, after hours of debate, the council had patched together a compromise: the King approved Feisal's budget and Feisal assumed responsibility for the King's debts; Editor al Jasir was freed from jail, and the King conceded the importance of going through channels. Thus Saudi Arabia, still very much a family business, edged another painful inch toward constitutional monarchy, if not toward democracy...
...Sheik Abdullah Tariki, 40, and Sheik Hafiz Wahba, 69, were elected directors of the Arabian American Oil Co., first Saudi Arabians to go on the board. Aramco had agreed five years ago to add Saudis to the board, but they did not seem interested until Tariki began his campaign for more say in running the company (TIME, April 27). Tariki, who holds a master's degree in oil engineering from the University of Texas, has steadily campaigned for a bigger cut in Aramco's profits. He wants to force it to become an integrated company in hopes...