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Agreement on
Persian Oil
TEHERAN, July 19. — Agreement
in principle has been reached on ' mar
keting Persian oil. j
The Persian Finance
Minister (Dr; , Amini);
announced this : last
night. He said, he ex-;
pected the documents
to be signed in the next
five days or. so. (
Provided the Persian
Parliament ratified the:
agreement by September
Persian oil should begin
to flow into world mar
kets again by November,
experts said.
Dr. Amini added that-
Persian oil production in'
' vrani nf IVi O i
laic A1J.OU JLU.L UJL
agreement would be thir
teen million tor(s, in the
second year, twenty mil
lion tons, and in the
third year, twenty-seven
million tons.
The agreement , is with
a consortium of eight
companies. They are:
Anglo-Iranian, Royal
Dutch Shell, . the Com-
pagnie Francaise Des
Petroles, Socony. Vacuum,
Standard Oil Company of
New Jersey, Standard Oil
of California, the Gulf
Oil Company and the
Texas Oil Company.
The- period of agree-
.ment between Persia and
the consortium would be
40 years, with an option
of renewal after the
first 40, years. Doctor
Amini said; 'Persia would
get more than £2 a ton
from the. oil.
/Consortium represen
tatives tonight withheld
all comment on the ne
gotiations, but Doctor
Amini said the consor
tium would initially in
vest about £35,700,000 in
;the. Abadan refinery to
reactivate the oil industry
after its three-year shut-
down. — (A.A.P.).
$