Word: suez
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...when Egypt is basking in a spell of peace-induced prosperity. Thanks to the return of the Sinai oilfields, which Israel had held since the 1967 war, Egypt is now pumping 625,000 bbl. of oil per day, and this year will earn $2 billion in petroleum export revenues. Suez Canal tolls should amount to nearly $1 billion by next year, and Egyptian workers abroad currently send $2 billion per year back home. Overall, the rise in foreign-exchange earnings, from $2.6 billion in 1975 to $7 billion in 1979, has produced an impressive economic growth rate of 8.5%. However...
...revenues, OPEC countries are not making serious efforts to uncover more of it. U.S. and European oil companies are exploring Egypt's western desert, on the assumption that the oil does not stop at the Libyan border, as well as in the Sinai and the Gulf of Suez. Drilling is also continuing in Europe's North Sea, around Norway and Britain. West of the Shetland Islands, off Scotland, the state-owned British National Oil Corp. is test drilling in 4,500 ft. of water, the second greatest depth ever...
From the outset, it has been an article of faith with Thatcher that Britain, by exercising monetary discipline and confidence, can recapture its old place "in the first division." Not since the Suez fiasco of 1956 has Britain taken the lead in any major problems beyond its postcolonial concerns. Now Lord Carrington, backed by Thatcher, has proposed initiatives to neutralize Afghanistan and to bring Europe into Middle East negotiations if the Egyptian-Israeli talks on Palestinian autonomy bog down. When President Carter called for support from America's Western European allies for sanctions against Iran, Thatcher...
...French and British are alienated when President Dwight Eisenhower and Secretary of State John Foster Dulles denounce, and thus doom, their attack on Egypt after President Gamal Abdel Nasser nationalizes the Suez Canal...
...buildup, Moscow acted primarily to meet a situation in Afghanistan it could no longer effectively control. The Russians apparently decided to make their show of force in the shadow of the Iranian problem, much as they had intervened in Hungary in 1956 while the West was preoccupied with the Suez crisis. Moscow made a Realpolitik decision: Amin would have...