Word: iraqization
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...subterranean world of petroleum, it is the international oilmen who play the blue-chip game. The players must back their gambling spirit with refineries, tankers, filling stations - and millions in hard cash. In this blue-chip game, the jackpot is the Middle East, Iraq, Iran, Saudi Arabia and the string of tiny sheikdoms in the rolling sand dunes around the Persian Gulf - Bahrein, Kuwait and Qatar (pronounced gutter...
...Iraq, the concessions are held by the Iraq Petroleum Co., which is owned by Anglo-Iranian Oil (23¾%); the British-controlled Royal Dutch-Shell (23¾%); Jersey Standard and Socony-Vacuum, through their jointly owned Near East Development Corp. (23¾%); the French Government through its Compagnie Française des Petroles (23¾%). The only individual is a mysterious Armenian financier, Calouste S. Gulbenkian, whose 5% gives him a distant claim to the title of the "world's richest...
Jersey Standard has long wanted to get into Arabia. But it was virtually barred by the famed and cartel-like Red Line Agreement* which it was forced to sign to get a share in Iraq Petroleum...
Under this cozy agreement no member of Iraq Petroleum could develop fields in the Red Line area unless he put the oil into a common pot. Last week, fed up with this, Jersey Standard formally announced what it had only hinted at before...
...wily Mufti had made plenty of it for Britain before and during World War II. They had plotted and carried out antiBritish riots and killings in Palestine a decade ago. Early in 1941, when Britain's war fortunes were at lowest ebb, they had sparked revolt in Iraq. A slippery guerrilla, Fawzi harassed the British for months with desert forays against their vital oil pipelines. When British fortunes turned, the Mufti and Fawzi got away separately to Germany...