Oil fields taken by Kuwait
IX 7.. P .A Renter —(WpuriijM > ALGIERS. March 6 Kuwait's Oil Minister Mr Badel Muttaleb al-Kazinn. said yesterday that his country was taking full control immediately of its oil fields, although the exact terms will be discussed with British [Petroleum (BP), and Gulf Oil in Kuwait next week. 1 Kuwait sources were not able to explain what nationalisation “with immediate effect” would actually mean for the parties involved. But they insisted that next week’s negotiations would not affect Kuwait’s decision to take 100 per cent control now. The negotiations would probably involve long-term supply contracts with BP and Gulf or replace the present arrangements whereby the two companies buy nearly all Kuwait’s oil. The two companies will receive compensation according to the “net book value” of their assets in Kuwait This I will probably amount to beItween SUS6Om and SUSBOm.
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Press, Volume CXV, Issue 33786, 7 March 1975, Page 13
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145Oil fields taken by Kuwait Press, Volume CXV, Issue 33786, 7 March 1975, Page 13
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