Word: sheikdom
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...sheikdom pays $2.5 billion to buy a U.S. drilling firm...
Sophisticated though they are, the Kuwaitis have also made some mistakes and miscalculations. In the 1970s the sheikdom tried to acquire a controlling interest in West Germany's Daimler-Benz automaker but abandoned the effort after German bankers formed a consortium to keep the power in German hands. Last year Kuwait bid $982 million for a 14.6% share of Getty Oil of Los Angeles but dropped the tender offer after executors of the estate of J. Paul Getty resisted. In spite of such setbacks, the emirate is plainly doing something right: revenues from its investments this year should reach...
...lesser oil producers in the gulf (411,000 bbl. a day), but the population is also small (250,000, of whom only 60,000 are native Qataris). The country has been found to have vast natural gas reserves, though at current prices development is considered uneconomical. Still, the sheikdom has taken steps to diversify by developing petrochemical, shipping and steel industries. "We do not want to be a short-range country," says Saeed Mis'hal, a Palestinian who heads the Industrial Development Training Center...
Bankers still do not mention it in the same breath with Tokyo, Zurich, London or New York. But some day they may. Bahrain, a small Arabian Gulf island sheikdom off the oil-rich coast of Saudi Arabia, is rapidly becoming an important financial center. Since the 1973 quadrupling of petroleum prices, 120 banks, including such international giants as Bank of America, Citibank, Chase Manhattan and Bank of Tokyo, have opened offices in Bahrain to handle the gusher of oil money flowing into the Arab world...
Forty dollars a barrel for oil? With the official world price at $14.55 per bbl, the notion sounds incredible. But not to oilmen. Items: when the Persian Gulf sheikdom of Abu Dhabi two weeks ago offered a shipment of high-grade, low-sulfur crude for sale at $40 per bbl., it found an immediate and eager buyer in Japan; Ecuador had no trouble getting $36 per bbl. in a sale of its own; Standard Oil Co. of Indiana admits difficulty in scraping up supplies for less than $35 per bbl. anywhere...