U.S.A. OIL COUP

Grey River Argus, 8 September 1945, Page 5

U.S.A. OIL COUP

All Abyssinia as A

Concession

(Rec. 11.10.) NEW YORK, Sept. 7. Mr. H. K. Sinclair, President of the Sinclair Oil Corporation, has announced Hail Selassie has given his company an exclusive oil concession, covering all of Ethiopia. This concession provides that all oil development rights in Ethiopia shall rest with the Sinclair Corporation for the next five years. After that fifty pei’ cent, of the territory will be released. After, a further exploratory term of five years, another twentyfive per cent, of the territory will be released. The remainder is under a fifty-year lease to the Sinclair Corporation. In return for this right to explore for and ship out petroleum, the Corporation will pay royalties to the Emperor, and in addition, will built schools. It would prevent an Italian invasion. This deal fell through before, after causing a world furore. The new concession comes almost on top of the Allied Foreign Ministers’ meeting in London, at which the question of Ethiopia may be discussed.