The development rights to the world's greatest unexploited oil pool, under the sands of Saudi Arabia, belong to Arabian-American Oil Co. In the first major step towards marketing these vast resources (estimated potential: up to 26 billion bbls.), Aramco last week awarded contracts for the biggest and costliest pipeline in oil history. Straddling the Middle East for a distance of some 1,000 miles, the 30-inch pipe will shortcut the long haul by tanker from fields on the Persian Gulf to ports in the Mediterranean. It will cost some $100,000,000, will deliver up to 370,000 bbls. of crude oil a day,...
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