Word: sheikdom
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Dates: during 1960-1969
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Japan's first major venture into international wildcatting was stimulated by the need for cheaper oil for its mushrooming industry. Founded in 1957 with $9,800,000, Arabian Oil secured 44-year offshore concessions from both Saudi Arabia and the sheikdom of Kuwait. The price was steep, but oil-poor Japan had no choice. Instead of the fifty-fifty profit split then prevalent, the Japanese agreed to take only 43% of the profits from Kuwait, 44% from Saudi Arabia. They also promised to build a refinery in Saudi Arabia or in the Neutral Zone, agreed to sell...