Word: saudi
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Dates: during 1960-1969
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...doubled output while reducing its payroll nearly 50% and sharply cutting production costs. This amazingly successful and discreet company is doing better and better. On last year's sales of $1 billion, Aramco made a princely profit of $762 million. That was split fifty-fifty between the Saudi government and Aramco's four U.S. parents: California Standard, which owns 30%, Jersey Standard (30%), Texaco (30%) and Socony Mobil...
Prudent Politics. Aside from consulting four parents on their projected oil needs, Aramco's easygoing President Thomas C. Barger, 54, runs his own shop. Barger's career tells much about the company: a geologist who arrived in Saudi Arabia in 1937, Barger spent four parched years prospecting the Rub' al Khali, learned to eat roast camel with his fingers and speak fluent Arabic, became Aramco's chief negotiator with the shrewd Saudis...
Aramco has often been criticized for bending too far to please the Saudi government and its free-spending princes instead of talking tough, as did some British oilmen in the Middle East. Aramco's view seems to be that it didn't create the Saud dynasty but must live with it, that its policy has prevented the expropriation that some Arab nationalists demand, and that whenever it could, it has tried to bring Saudi Arabia out of the 12th century...
Peaceful Gunsmoke. The kingdom's first roads, ports and irrigation projects were built by Aramco, but the company was careful to bill the Saudi government for public works and let the government do the ordering. The result might not be maximum efficiency or economy, but it kept Aramco on the right side of the royal family. Saudi Arabia's small but growing middle class owes its existence to Aramco, which pays its workers good wages (up to $570 a month for Arab executives) and has financed many of them in setting up their own businesses, from lens grinding...
...years ago, Aramco brought the eye of television to Saudi Arabia. To enthusiastic audiences, its Dhahran station broadcasts an average six hours daily of Arabic and English lessons, prayers from the Koran, and such U.S. shows as Gunsmoke dubbed in Arabic, though Aramco censors out religion, sex and sadism. Most popular program: Aramco's local quiz shows, with TV sets and washing machines as prizes...