OIL: From the Bazaars

Wily old (80) Calouste Sarkis Gulbenkian, one of the world's richest men, reputedly learned to bargain in the rug bazaars of Turkey. So it was no trick for him to block a deal for Standard Oil Co. (NJ.) and Socony-Vacuum Oil Co. in the Middle East. The two oil companies had offered to pay upwards of $150 million for a 40% share in the Arabian American Oil Co.'s Saudi-Arabian concession (TIME, Dec. 23, 1946). Before the deal was made, Trader Gulbenkian wanted to be cut in on it too.

Jersey Standard and Socony,...

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