Word: petroleum
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Dates: during 1940-1949
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...Petroleum industry. 5. Steel industry...
...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...
...Plunge. The insurance companies, which usually shy away from foreign oil investments, jumped in with both feet. Nine of the biggest U.S. companies and one Canadian snapped up the biggest industrial bond issue ever offered. Shell Caribbean Petroleum Co. of N.J. (a Royal Dutch-Shell subsidiary) announced that the insurance companies would buy $250 million worth of its 20-year, 4% bonds. As security for the loan, Shell Caribbean put up 8,800,000 shares (or two-thirds) of the stock of Shell Union Oil Corp., Shell's U.S. subsidiary (the stock's market value last week...