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PaperclipPerfector  3mo ago (text post)   1370 thread views

Transnational Thursday for August 8, 2024

Transnational Thursday is a thread for people to discuss international news, foreign policy or international relations history. Feel free as well to drop in with coverage of countries you’re interested in, talk about ongoing dynamics like the wars in Israel or Ukraine, or even just whatever you’re reading.

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Saudi Arabia apparently did something similar with their foreign-investment oil company, although they bought it out rather than force a contractual handover.

Instead, the Sauds executed a patient, and most importantly, amicable assertion of power over Aramco, which did not become fully owned by Saudis until 1974. At the very start of Aramco, the company was entirely owned and operated by Americans aside from menial labor. However, the Saudi government inserted a clause into their contract with the corporation requiring the American oil men to train Saudi citizens for management and engineering jobs. The Americans held up their end of the bargain, and over time, more and more Saudis took over management and technical positions. This steadily increased the bargaining power of the Saudi government, which periodically renegotiated its contract with the Americans over decades to get a greater share of the profits in exchange for more oil exploration or diplomatic concessions.

In 1973 and 1974, the Saudi government authorized two big final buy-outs of Aramco. The prices were not disclosed publicly, but the consensus is that the American oil companies were well-compensated, and that’s after they had made enormous profits for 30 years. This left the oil companies on good terms with the Saudis who were happy to employ them as consultants and specialists. Today, 80% of Aramco’s employees are Saudi, as well as all executives, though surprisingly not all board members.

(From https://mattlakeman.org/2022/11/22/notes-on-saudi-arabia/)

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