Word: yamani
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...energy politics. At present, oil from Arab nations accounts for 7% of U.S. imports. By 1980, it could easily climb to 50%. Last week, as a sign of the sort of pressure that the U.S. can expect in the future, Saudi Arabia's Petroleum Minister, Ahmed Yaki Yamani, flatly refused to increase his country's oil production until the U.S. changes its policy toward Israel...
Beirut Bureau Chief Spencer Davidson, who coordinated the coverage, worked for four years in New York as an associate editor in the World section, where he wrote six cover stories on the region. Davidson adroitly pinned down a vital but elusive Arab source-Ahmed Zaki Yamani, Saudi Arabia's powerful Minister of Oil and Mineral Wealth. Learning that Yamani was to fly from Beirut to Vienna, he bought a ticket for the same flight. "An airplane is a great place for an interview," Davidson says. "You have a captive client...
Other Sources. Money is not the only issue, however. In Saudi Arabia, the shrewd Minister of Oil and Mineral Wealth, Ahmed Zaki Yamani, negotiated a new policy of "participation" by his government's oil agency, Petromin. Within three years, Petromin will acquire a 25% share in Aramco, the huge producing company through which Exxon, Texaco, Standard Oil of California and Mobil have been pumping Saudi Arabian oil. By 1983, the Saudis' share of Aramco will have increased to 51%. Similar deals have been made by other Middle East producers. Last week, the government of Iran took over...
...their own "downstream" facilities-which, in the language of the oilmen, means oil refineries and even chains of service stations in Western Europe and the U.S. They also have plans for an ambitious program of industrialization at home. And they emphasize that they would welcome U.S. participation. Minister Yamani, in fact, envisions an economic partnership between the U.S. and the Arab states so strong that it might eventually alter U.S. foreign policy on the Middle East. "If you have close economic relations," he told TIME Correspondent Spencer Davidson last week, "you can rely on each other. It is much better...
...elegant Manhattan hotel suite, the bearded, Harvard-educated Arab signed his initials to an international treaty that has vast political and economic implications. "The agreement is very satisfactory to me," he said. Well it should be. Sheik Ahmed Zaki Yamani, Saudi Arabia's 42-year-old oil minister, had just realized the decades-old Arab dream of gaining control over the vast pools of oil beneath the Middle East's deserts. Last week's agreement allows the five Persian Gulf states of Saudi Arabia, Kuwait, Qatar, Iraq and Abu Dhabi to buy an immediate 20% interest...