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- Red_Line_Agreement abstract "The Red Line Agreement is the name given to an agreement signed by partners in the Turkish Petroleum Company (TPC) on July 31, 1928. The aim of the agreement was to formalize the corporate structure of TPC and bind all partners to a "self-denial clause" that prohibited any of its shareholders from independently seeking oil interests in the ex-Ottoman territory. It marked the creation of an oil monopoly, or cartel, of immense influence, spanning a vast territory. The cartel preceded easily by three decades the birth of another cartel, the Organization of Petroleum Exporting Countries (OPEC), which was formed in 1960.It has been said that, at a meeting in 1928, Calouste Gulbenkian, an Armenian businessman and philanthropist, drew a red line on a map of the Middle East demarcating the boundaries of the area where the self-denial clause would be in effect. Gulbenkian said this was the boundary of the Ottoman Empire he knew in 1914. He should know, he added, because he was born in it and lived in it. The other partners looked on it attentively and did not object. They had already anticipated such a boundary. (According to some accounts, the “red line” was not drawn by Gulbenkian but by a French representative.) Except for Gulbenkian, the partners were the supermajors of today. Within the “red line” lie the entire ex-Ottoman territory in the Middle East including the Arabian Peninsula (plus Turkey) but excluding Kuwait. Kuwait was excluded as it was meant to be a preserve for the British. Years later, Walter C. Teagle of Standard Oil of New Jersey remarked that the agreement was “a damn bad move”. However, it served to define the sphere of operations of TPC's successor, the Iraq Petroleum Company (IPC). The writer Stephen Hemsley Longrigg, a former IPC employee, noted that "the Red Line Agreement, variously assessed as a sad case of wrongful cartelization or as an enlightened example of international co‑operation and fair-sharing, was to hold the field for twenty years and in large measure determined the pattern and tempo of oil development over a large part of the Middle East". Apart fromSaudi Arabia and Bahrain where ARAMCO and BAPCO prevailed, IPC monopolized oil exploration inside the Red Line during this period.American oil companies Standard Oil of New Jersey and Socony-Vacuum were partners in IPC and therefore bound by the Red Line Agreement. When they were offered a partnership with ARAMCO to develop the oil resources of Saudi Arabia, their partners in IPC refused to release them from the Agreement. After the Americans claimed that World War II had ended the Red Line Agreement, protracted legal proceedings with Gulbenkian followed. Eventually the case was settled out of court and the American partners were allowed to join ARAMCO. The Red Line Agreement became a legacy document after this date, as IPC continued to operate existing concessions under its terms but the shareholder companies were allowed independently to seek new oil concessions across the Middle East.".
- Red_Line_Agreement wikiPageExternalLink bankingonbaghdad.com.
- Red_Line_Agreement wikiPageExternalLink 0426byzantine.htm.
- Red_Line_Agreement wikiPageID "5788573".
- Red_Line_Agreement wikiPageLength "4923".
- Red_Line_Agreement wikiPageOutDegree "25".
- Red_Line_Agreement wikiPageRevisionID "644848314".
- Red_Line_Agreement wikiPageWikiLink ARAMCO.
- Red_Line_Agreement wikiPageWikiLink Arabian_Peninsula.
- Red_Line_Agreement wikiPageWikiLink Armenia.
- Red_Line_Agreement wikiPageWikiLink Big_Oil.
- Red_Line_Agreement wikiPageWikiLink Calouste_Gulbenkian.
- Red_Line_Agreement wikiPageWikiLink Cartel.
- Red_Line_Agreement wikiPageWikiLink Category:1928_in_Asia.
- Red_Line_Agreement wikiPageWikiLink Category:1928_in_Iraq.
- Red_Line_Agreement wikiPageWikiLink Category:1928_in_Turkey.
- Red_Line_Agreement wikiPageWikiLink Category:20th_century_in_Iraq.
- Red_Line_Agreement wikiPageWikiLink Category:History_of_the_petroleum_industry.
- Red_Line_Agreement wikiPageWikiLink Category:Petroleum_politics.
- Red_Line_Agreement wikiPageWikiLink ExxonMobil.
- Red_Line_Agreement wikiPageWikiLink France.
- Red_Line_Agreement wikiPageWikiLink Iraq_Petroleum_Company.
- Red_Line_Agreement wikiPageWikiLink Kuwait.
- Red_Line_Agreement wikiPageWikiLink Middle_East.
- Red_Line_Agreement wikiPageWikiLink Monopoly.
- Red_Line_Agreement wikiPageWikiLink OPEC.
- Red_Line_Agreement wikiPageWikiLink Ottoman_Empire.
- Red_Line_Agreement wikiPageWikiLink Saudi_Aramco.
- Red_Line_Agreement wikiPageWikiLink Standard_Oil_of_New_Jersey.
- Red_Line_Agreement wikiPageWikiLink Stephen_Hemsley_Longrigg.
- Red_Line_Agreement wikiPageWikiLink Supermajors.
- Red_Line_Agreement wikiPageWikiLink Turkey.
- Red_Line_Agreement wikiPageWikiLink Walter_C._Teagle.
- Red_Line_Agreement wikiPageWikiLinkText "Red Line Agreement".
- Red_Line_Agreement wikiPageWikiLinkText "Red Line agreement".
- Red_Line_Agreement wikiPageWikiLinkText "Red Line".
- Red_Line_Agreement hasPhotoCollection Red_Line_Agreement.
- Red_Line_Agreement wikiPageUsesTemplate Template:Reflist.
- Red_Line_Agreement subject Category:1928_in_Asia.
- Red_Line_Agreement subject Category:1928_in_Iraq.
- Red_Line_Agreement subject Category:1928_in_Turkey.
- Red_Line_Agreement subject Category:20th_century_in_Iraq.
- Red_Line_Agreement subject Category:History_of_the_petroleum_industry.
- Red_Line_Agreement subject Category:Petroleum_politics.
- Red_Line_Agreement hypernym Name.
- Red_Line_Agreement comment "The Red Line Agreement is the name given to an agreement signed by partners in the Turkish Petroleum Company (TPC) on July 31, 1928. The aim of the agreement was to formalize the corporate structure of TPC and bind all partners to a "self-denial clause" that prohibited any of its shareholders from independently seeking oil interests in the ex-Ottoman territory. It marked the creation of an oil monopoly, or cartel, of immense influence, spanning a vast territory.".
- Red_Line_Agreement label "Red Line Agreement".
- Red_Line_Agreement sameAs Red_Line_Agreement.
- Red_Line_Agreement sameAs Συμφωνία_της_Κόκκινης_Γραμμής.
- Red_Line_Agreement sameAs Acuerdo_de_la_Línea_Roja.
- Red_Line_Agreement sameAs Accord_de_la_ligne_rouge.
- Red_Line_Agreement sameAs 赤線協定.
- Red_Line_Agreement sameAs m.0f4m9n.
- Red_Line_Agreement sameAs Q1479236.
- Red_Line_Agreement sameAs Q1479236.
- Red_Line_Agreement wasDerivedFrom Red_Line_Agreement?oldid=644848314.
- Red_Line_Agreement isPrimaryTopicOf Red_Line_Agreement.