10._Opening_the_Middle_East_Revision_2_S

10._Opening_the_Middle_East_Revision_2_S - 10.OpeningMiddle...

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10. Opening Middle  10. Opening Middle  Eastern Oil Eastern Oil The Turkish Petroleum Company The Turkish Petroleum Company
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Post WWI Post WWI Britain wanted to assert its influence over  Mesopotamia area (present-day Iraq) France had a claim to part of the area  northwest of Baghdad, Mozul area in  Kurdish north The Great War made it clear that  petroleum was essential in strategy of  nations not just commercial entities
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The Ottoman Empire The Ottoman Empire After the break- up of the  Ottoman Empire,  Britain, France,  Russia and then  the U.S. were all  keen on claiming  its oil reserves
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Who gets the Oil? Who gets the Oil? The players Anglo-Persian French interests Eventually Americans An upstart: The  Turkish Petroleum  Company led by  Calouste Gulbenkian,  an Armenian  millionaire
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Calouste Gulbenkian Calouste Gulbenkian Calouste Gulbenkian was the  second generation of his  family in the oil business  Made his fortune as an  importer of Russian kerosene  into the Ottoman Empire Investigated the petroleum  potential of the Mesopotamia Devoted his life to  Mesopotamian oil He was one of the initiators of  the Middle East oil industry
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Walter Teagle Walter Teagle Born 2 nd  & 3 rd  generation into the oil  business Outstanding student of petroleum  technology (Cornell) Teagle rose rapidly in Standard Oil 1908:  Head of Standard Oil’s  Foreign Export Committee 1909: Director of Standard Oil 1917:  President of Standard Oil NJ Thought co. needed to develop  crude production in foreign sources,  and adjust to new foreign  competition Put much effort in better PR
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Turkish Petroleum Company Turkish Petroleum Company Set up in 1912 Renamed Iraq Petroleum Co. in 1929 Deutsche Bank and Royal/Dutch Shell  each held a quarter of the new co. 50% held by Turkish National Bank Calouste Gulbenkian Put the entire Turkish Petroleum Co deal  together 30% silent owner of Turkish National Bank 15% owner of the company
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Mr. Five Percent Mr. Five Percent Since the company’s onset, British gov’t directed  efforts to amalgamate it with Anglo-Persian  syndicate March 19, 1914 – reached a unification strategy Anglo-Persian Group:  50% interest Deutsche Bank and Shell:  Each had 25% Gulbenkian:  Anglo-Persian and Shell each gave him  “beneficiary interests” of 2.5% of the total shares
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