-Caveat Lector-

>If parliament permits foreign companies to pump Kuwaiti oil, it would reverse
>more than two decades of policy.

A few years ago I ran across an old issue of National Geographic from the
mid 1970s...

What first caught my eye was a Bicentennial article on "Women of the
American Revolution"....

...but what prompted me to save the magazine from the trash it was headed
for was an article about the 'emerging Middle East'...

This issue was from late 1975 or early 1976, and the article on the
Middle East was comprised of smaller articles on each country of the
region...

And I found the write up on Kuwait extremely interesting, 20 years down
the road...

The article indeed mentioned how the Kuwaiti royal family ended up
controlling the oil fields in their country...

Except, according to this article, it was accomplished because the ruling
oil conglomerate in the country recognized 'the writing on the wall' --
other middle eastern countries were nationalizing oil production and
throwing out the western oil companies that had dominated the region --
so this company that had dominated Kuwaiti oil production (indeed, had
initiated test drilling after WWII) worked out a deal with the Kuwaiti
royals....

Namely, that this company would turn over the production and sale of
crude oil to the Kuwaiti royal family, in exchange for the sole rights to
SHIP the oil out of Kuwait on this company's own ships...

Look at a map of the region, specifically of Kuwait, and you will realize
that this is not a minor matter....

And the Kuwaiti royal family agreed...it was a win-win situation for both
sides...the Kuwaiti royals now got to enjoy the profits from selling oil
to the company that had turned over the wells, and the company in turn
continued to make huge profits by acting as the middle man...

And apparently the right to ship the oil out of Kuwait is a right granted
in perpetuity -- in other words, the company that turned over the wells
has the sole right to ship oil out of Kuwait -- and reap the profits of
being the middle man -- forever...

And what is the name of this company?  It was clearly spelled out in this
20-something-year-old article -- in 1975 the name meant little, if
anything, to the general public, and indeed probably means little to
nothing to the majority of the public today...

But the name 'Zapata Oil Company' IS quite meaningful to anyone who knows
the history of the Bush family....   ;-)


June

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