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Politics : Foreign Affairs Discussion Group

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To: Sun Tzu who wrote (87937)	3/30/2003 12:22:54 PM
From: Brumar89	Read Replies (1) of 281500

Saudi Arabia nationalized its oil industry (Aramco) back in the '70's like most of the other countries in the region did. The Saudi government took over 60% of Aramco in 1974 and 100% by 1980. A little surprised you didn't know this. I know arun gera's post contained this sentence but its totally bogus - there is no such "monopoly lease": With its 60-year-old monopoly lease of Saudi oil fields coming to an end in 2005, the US may well be confronted with a problem there. Message 18772874 >>>>> But perhaps most remarkable is how well Aramco, once the jealously guarded joint property of Exxon, Chevron, Texaco, and Mobil, functions today as a 100% Saudi company. The nationalization of what Brown rightly calls ''the largest and richest consortium in the history of commerce'' took place so smoothly in the 1970s and 1980s that most managers barely noticed. <<<<<< businessweek.com Incidentally, the Saudi government is negotiating with ExxonMobil and Shell to allow them to explore for natural gas in parts of the country which have never been explored before (the Red Sea and the so-called Empty Quarter). The Saudi company, Aramco, is lobbying against this to protect its own monopoly position. gasandoil.com BTW the earlier post re. the Red Cross and Guantanamo - I didn't reply as kumar already had. I would only note that the US requested the ICRC visit the detainees. miami.com

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