Golden gimmick: Difference between revisions

Content deleted Content added

Inline

Revision as of 04:19, 9 February 2008

The Golden Gimmick refers to the deal in 1950 between King Ibn Saud of Saudi Arabia and the Arabian-American Oil Company (ARAMCO), a consortium dominated by three US oil companies and one British oil company. The deal accorded the American oil companies a tax break equivalent to 50% of their profits on oil sales, the other 50% of which went to King Ibn Saud. He agreed to this 50/50 splitting of Aramco's oil profits instead of nationalizing Aramco's oil facilities on Saudi soil.

This business-related article is a stub. You can help Wikipedia by expanding it.

Revision as of 11:51, 6 December 2007 edit Ronin9 (talk \| contribs) 19 edits mNo edit summary ← Previous edit		Revision as of 04:19, 9 February 2008 edit undo 12.76.38.153 (talk) No edit summary Next edit →
Line 1:		Line 1:
	The '''Golden Gimmick''' refers to the deal ~~struck~~ in 1950 between [[Ibn_Saud\|King Ibn Saud]] of [[Saudi Arabia]] and the Arabian-American Oil Company ([[ARAMCO]]), a consortium dominated by three US oil companies and one British oil company. The deal accorded the American oil companies a [[tax break]] equivalent to 50% of their profits on oil sales, the other 50% of which went to King Ibn Saud. He agreed to this 50/50 splitting of Aramco's oil profits instead of nationalizing Aramco's oil facilities on Saudi soil.		The '''Golden Gimmick''' refers to the deal in 1950 between [[Ibn_Saud\|King Ibn Saud]] of [[Saudi Arabia]] and the Arabian-American Oil Company ([[ARAMCO]]), a consortium dominated by three US oil companies and one British oil company. The deal accorded the American oil companies a [[tax break]] equivalent to 50% of their profits on oil sales, the other 50% of which went to King Ibn Saud. He agreed to this 50/50 splitting of Aramco's oil profits instead of nationalizing Aramco's oil facilities on Saudi soil.

	{{business-stub}}		{{business-stub}}