What Was The Red Line Agreement Of 1928

TPC was founded in 1914, just before the outbreak of the First World War. Fifty percent of the TPCs were owned by the Anglo-Persian Oil Company (later British Petroleum). A 5 per cent interest was owned by Armenian entrepreneur Calouste Gulbenkian, who had formed the TPC consortium. The rest was shared between Deutsche Bank and a subsidiary of Royal Dutch Shell. The original TPC agreement contained a clause requiring awarding entities not to seek additional concessions in the Ottoman Empire, with the exception of TPC. The Red Line agreement proved difficult because it did not prevent non-member companies from applying for concessions in the TPC area (renamed in 1929, Iraqi Petroleum Company). In 1928, Socal secured a concession to find oil in Bahrain and in 1933 they managed to obtain a new concession from the Saudi government, which included al-Hasa province. In 1936, Texas Oil Company acquired a 50% interest in the California Arabian Standard Oil Company (the Saudi subsidiary of Socal, renamed Aramco in 1944) to develop the Socal franchise in Saudi Arabia. not the other participants. “After the creation of the consumer price index [Calouste] Gulbenkian insisted that the consortium participants sign the so-called “Red Lines” agreement (Yergin 1991: 203-6).

The red line was drawn on a map to define the territories that were once under the sovereignty of the Ottoman Empire, and the agreement provided that participants in the IPC consortium declared themselves ready to participate in oil development, which was to be discovered within the red line exclusively by consortia of the same composition as the ICC. Therefore, if one of the members of the IPC consortium has discovered oil or obtained a concession elsewhere within the Red Line, he should offer this asset to the remaining members in the same “geometry” as in the CPI. [3] Modern redlining solutions use two separate but similar electronic input files such as z.B. Microsoft Word documents to compare one complete document to another. By comparing larger parts of the text to determine where overlaps occur, you create contractual redline solutions, and then create a new output document to highlight variations or text changes – phone calls are not necessary. TPC was founded in 1914, just before the start of the First World War. The cartel was preceded by three decades by the birth of another cartel, the Organization of the Petroleum Exporting Countries (OPEC), established in 1960. [2] The Red Line Agreement proved difficult because it could not prevent non-members from demanding concessions from nationals in the territory of the TPC (which was renamed the Iraqi Petroleum Company in 1929).

About the author

admin