ETHIOPIA OIL

Wanganui Chronicle, Volume 89, Issue 213, 8 September 1945, Page 5

ETHIOPIA OIL

EMPEROR GIVES CONCESSION EXCLUSIVEJfI US- FIRM SINCLAIR CORPORATION Reed. 6 p.m. New York, Sept. 6. Mr. H. K. Sinclair, president o£ the Sinclair Oil Corpoiation, announced that Emperor Hail Selassie had given his company an exclusive oil concession covering all Ethiopia. The concession provides that nil oil development rights in Ethiopia rest with the Sinclair Corporation for the next five years, after which 50 per cent, ol ihe territory will be released. After a further exploratory live years, another 25 per cent, of the territory will be released. The remainder is under a 50-ycar lease. The Corporation, in return for the right to explore for, and ship out petroleum, will pay royalties to the Emperor, and, additionally, will build schools, hospitals, clinics and research foundations and also pay for educating Ethopians in the United States in the next two years. The Associated Press says that at present it is hot anncnced whether there is to be any me notary grant outside the royalties and the development provisos. The Associated Press recalls that Hail Selassie, in 1935, ceded more than one half ot the Empire for oil exploitation by British and American interests in the vain Hope that It would prevent an Italian invasion. The deal tell through, alter causing a world furore. The new concession comes almost on top of the Foreign Ministers’ meeting in London, at which,the question of Ethiopia may be discussed.