OILFIELD IN IRAQ

Press, Volume XCVII, Issue 28748, 20 November 1958, Page 15

OILFIELD IN IRAQ

Cancellation Of Concession BAGDAD, November 19. The Iraqi Government announced last night that it has formally terminated the concession of the British-owned Khaniqln Oil Company—a subsidiary of the British Petroleum Company—and that it is taking over the company’s oilfields in Iraq with effect from the end of this month, according to the Britisn United Press. The termination of the concession marked the first move by the new Iraqi Government concerning the country’s oil deposits, the agency reports. The announcement was signed by Mr Ibrahim Kubb. Minister of the Economy. The action was taken m accordance with terms of the concession agreement signed in 1950 and due to run until 1996. The Khaniqin Company processed oil from the north of Iraq for consumption in Iraq The Government is planning to process oil from the company’s oilfields south of Kirkuk by its own means. Golfing Holiday For Mr Eisenhower WASHINGTON. November 17. President Eisenhower will go to Augusta. Georgia, on Thursday o: Friday for a golfing vacation which will extend until Thanksgiving Day. November 27. The White House Secretary, Mr James Hagerty, said the President might remain at his cottage on the Augusta National Golf Club through the Thanksgiving weekend.