LEBANON: FULL BACKING GIVEN TO IRAQI NATIONALISATION OF OIL COMPANY BY ORGANISATION OF PETROL EXPORTING COUNTRIES.

Record ID: 344755

  • Title: LEBANON: FULL BACKING GIVEN TO IRAQI NATIONALISATION OF OIL COMPANY BY ORGANISATION OF PETROL EXPORTING COUNTRIES.
  • Date: 11th June 1972
  • Summary: 1. GV PAN Beirut 0.05 2. GV EXT. Hotel 0.10 3. SV Delegates entering conference 0.16 4. CU Mr Abdessalam speaking to reporter 0.21 5. GV Delegates at table 0.27 6. SV Delegates PAN TO Iraqi Minister PAN TO Iranian Minister 0.38 7. SV PAN Qatar delegate PAN TO Nigerian delegate 0.45 8. SV Libyan ditto PAN Kuwait delegate 0.51 9. SV Venezuelan delegate 0.53 10. SV Delegates 1.01 11. CU Iraqi Minister talking to others ZOOM OUT 1.14 Initials SGM/1639 SGM/1629 Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 26th June 1972 13:00
  • Keywords:
  • Location: Beirut, Lebanon
  • Country: Lebanon
  • Reuters ID: LVA5XQAJV73JJZKH7NEAFV672MWB
  • Story Text: The 11-nation Organisation of Petroleum Exporting Countries (OPEC) on Friday (June 49) gave its full support to Iraq's action in nationalising the London-based Iraq Petroleum Company.

    The extraordinary meeting had been called in Beirut by Iraq in order to gain backing for its move. After discussions behind closed doors, the OPEC delegates issued a press statement backing "the action of Iraq as a lawful act of sovereignty to safeguard its legitimate interests".

    During the conference, the delegates also adopted a secret resolution which will not be published until June 19.

    SYNOPSIS: In Beirut on Friday, delegates of the eleven-nation Organisation of Petroleum Exporting Countries gathered to discuss Iraq's recent nationalisation of the London-based Iraq Petroleum Company.

    Algerian Oil Minister Bullied Abdessalam told reporters before the session that he fully supported the Iraqi action. The extraordinary meeting had been called by Iraq in order to gain support for its nationalisation policy -- and Iraqi Oil Minister Saadoun Hamadi was there to outline his country's position.

    Though the one-day meeting took place behind closed doors, the delegates later issued a statement giving their full support to the Iraqi nationalisation of the company -- in which British, French, Dutch and American organisations had held interests. A secret resolution was also adopted. But the contents won't be revealed until later this month.

    At the end of the session, the Iraqi Oil Minister seemed well pleased. There's been speculation that the Organisation might compensate Iraq for any drop of foreign revenue resulting from nationalisation.
  • Copyright Holder: REUTERS
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