ITALY SELLS OUT

Evening Post, Volume CXXII, Issue 149, 21 December 1936, Page 9

ITALY SELLS OUT

OIL FIELDS IN MOS^L

1 Possibly because of its victory -in Ethiopia, but more probably because of financial difficulties, Italy has de; cided to give up' the idea of developing an oil field in Irak, and it! is now announced; that.ihe 'Irak Petroleum Company has 'acquired a controlling interest in Mosul Oil Fields, Limited, in which the Azienda Generale Italiaha di Petroli ' then had a substantial shareholding, says the "Christian Science Monitor."'

Mosul Oil Fields was a "holding" company formed in 1932 with a capital of £1,000,000" (since increased " to' £2,333,333) to acquire the shares of the 8.0.D. Company which held a concession over 45,000 square miles ■of territory to the west of the Tigris.

The shares of the 8.0.D. Company, in which Mr. T. W. , Rickett (who negotiated an oil deal with Emperor Haile Selassie some time,; ago) was. interested, were distributed among British (50.55 per cent.), Italian (25.45 per. cent;), Swiss, and German citizens (12 per cent. each). ''■£••, The company contracted to pay an annual' rental stated to have been fixed at an initial figure of £250,000 to the King of, Irak' in anticipation' of . the oil it was hoped to win. Later! there was. to be a royalty based on j annual output. Boring has gone on; in j several places, and it is understood j that oil has been struck, though* in j what quantity or quality has not been disclosed. HOW STOCK IS HELD. ' I The new owners, the Irak; Petroleum Company, is also an international: affair, the shares being divided <be- j tween the British Royal-Dutch-Shell group and Anglo-Iranian companies, the American Standard Oil Company, and a French group, each of which has 23.75 per cent, of the issued capital. The balance of 5 per cent, is held by Participations and Investments; Ltd., representing an Armenian financier, Mr. C. S. Gulbenkian, who..hasbeen interested in the company since, before the World War when it was the Turkish Petroleum Company., ' According to well-authenticateii reports, however, the right of the Irak Petroleum Company to acquire the Italian holding in the Mosul Oil, Fields concern is-being contested .by ] a Netherlands company, 'known as! Ferrostaal, N.V., in which British financial interests are said to be ' strongly, represented. ■ The Irak Petroleum Company [operates a pipe line which runs across.the; desert to the 'Mediterranean, one! branch going to Haifa in Palestine; and the other to Tripoli in Syria. If Ihe Mosul Oil Fields Company; maintained its separate existence it"!would have had to build its own p/pe line at a cost of probably over £ 1,000,000. TOO OLD TOO SOON. _ J So many people are older than. their j years. : *> :. Feel young again, ■ ■ . - Get rid of nervousness, Weakness, poor appetite. . Your nervous system needs \, .' ,' ; Nourishing, invigorating, rejuvenating, With Marshall's Fospherine, ■ The wonderful tonic that . .. • , Replaces phosphorus deficiency, in modern food. . ' The 2s Cd bottle In th-^ six-sided carton, .. ■:■ Contains 100 doses.

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