Word: iraqization
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...Iraq's King Feisal II, 14, entered the third form at Harrow, where he will be addressed as Feisal Hussein in class, will use his title only on vacations...
...lying across the colonial lifelines, Great Britain is the one nation violently opposed to negotiations which would leave Israel dominant in the Middle East. British strategists view the emergence of a powerful state in Palestine as a direct threat to the Suez Canal, to the vital oil deposits in Iraq, and to the proposed airbases in the Negeb. For these purely military reasons, plus the fact that the Middle East is the one remaining area where Great Britain can exert Imperial power, the British have consistently supported the Arab cause and have pressed for adoption of the inequitable Bernadotte partition...
...members of Iraq Petroleum to share & share alike in any new exploitations roughly within the old Ottoman Empire, as shown by a red line that oilmen drew...
Jersey Standard and Socony, both signers of the famed Red Line agreement* of 1938, had persuaded their British and Dutch partners in the Iraq Petroleum Co., Ltd. to agree to waive any claim to a share in Jersey Standard-Socony's take from Aramco. But Gulbenkian, the only Red Liner who had signed the agreement as an individual, stood firm. For wangling the original concession in Iraq from the Turks in 1911, he holds a 5% interest in the Iraq Petroleum Co., Ltd. He doggedly insisted that the Red Line agreement still stood; he wanted...
Last week, in London, Gulbenkian's lawyers finally brought his mighty antagonists to terms. The terms, as usual, were favorable to Gulbenkian. For waiving any claims to Aramco's oil, Gulbenkian will get a bigger share of Iraq Petroleum's oil (as will the French, who went along on the deal). Beginning in 1952, Gulbenkian will be able to buy the extra oil at a price halfway between cost and market price. When he sells, the proceeds will be protected against devaluation of the British pound; the American companies agreed to convert Gulbenkian's take into...