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File 3877/1912 Pt 3 ‘Turkey in Asia: oil concessions’ [271r] (307/372)
The record is made up of 1 part (184 folios). It was created in 16 Mar 1914-25 Nov 1915. It was written in English and French. The original is part of the British Library: India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Records and Private Papers Documents collected in a private capacity. .
Transcription
This transcription is created automatically. It may contain errors.
[This Pe-^^ntjsJhe Property of His Britannic Majesty's Govfirrmipnt ]
[B]
TURKEY.
CONFIDENTIAL.
[March 19.J
Section 2.
[12324]
No. 1.
Turkish Petroleum Concessions.
Arrangements for Fusion of the Interests in Turkish Petroleum Concessions of the
D Arcy Croup and of the Turkish Petroleum Company.
11 is agreed that the interests shall be divided as follows :—
Fifty per cent, to the D’Arcy group,
Twenty-five per cent, to the Deutsche Bank,
fwenty-five pei cent, to the Anglo-Saxon Petroleum Company, and that in order
to carry out this division—
1. The shares in the Turkish Petroleum Company now held by the National Bank
of Turkey shall be transferred in equal moieties to the Deutsche Bank and the Anglo-
Saxon Company.
2. The capital of the Turkish Petroleum Company shall be increased to 160,000L
by the creation of 80,000 new shares of \l. each of the same class as those’ now
existing.
3. These 80,000 new shares shall be allotted to the D’Arcy group on terms to be
agreed upon between the parties.
4. The Board of the Company shall consist of 8 members, of whom 4 will be
nominated by the D’Arcy group, 2 by the Deutsche Bank, and 2 by the Anglo-Saxon
Company.
b. The capital of the Turkish Petroleum Company shall be employed only in
exploring, testing, and proving oilfields, a separate public company or companies being
formed to work any field or fields the examination of which has proved satisfactory.
6. Such working company or companies shall issue to the Turkish Petroleum
Company fully paid ordinary shares as consideration for the acquisition of the rights
of the Company to the properties to be acquired ; such ordinary shares shall carry full
control of the working company or companies, which control shall in no circumstances
be parted with by the Turkish Petroleum Company.
7. The working capital required by such working company or companies shall be
raised by means of preference shares and (or) debentures which shall be offered to the
public to such extent as the members of the Turkish Petroleum Company or any one
of them shall elect not to subscribe for themselves.
8. The alterations in the memorandum and (or) articles of association of the
Turkish Petroleum Company necessary to carry out the above conditions shall be made
forthwith.
9. Mr. C. S. Gulbenkian shall be entitled to a beneficiary 5 per cent, interest
without voting rights in the Turkish Petroleum Company, this 5 per cent, being
contributed equally by the D’Arcy group and the Anglo-Saxon Company out of their
respective holdings. The shares representing Mr. Gulbenkian’s interest shall be
registered in the names of nominees of the D’Arcy group and of the Anglo-Saxon
Company, and shall be held by them, but undertakings shall be exchanged between
these parties whereby—
(1.) Mr. Gulbenkian undertakes to pay the calls on the shares, and
(2.) The D’Arcy group and the Anglo-Saxon Company undertake that
Mr. Gulbenkian shall be entitled to all financial benefits of the shares.
If Mr. Gulbenkian shall desire to dispose of his interest, and also in the event of
his death, the D’Arcy group and the Anglo-Saxon Company shall have the option of
purchasing the interests standing in their names on the terms defined in article 3b (b)
of the articles of association of the Turkish Petroleum Company.
[2007 t —2]
About this item
- Content
The volume is a chronological continuation of File 3877/1912 Pt 2 ‘Turkey in Asia: oil concessions’ (IOR/L/PS/301), and comprises papers concerning ongoing negotiations over oil concessions for the Mesopotamian vilayets of Mosul and Baghdad, in which the Anglo-Persian Oil Company (APOC), Deutsche Bank, the British-backed National Bank of Turkey, and the Anglo-Saxon Oil Company (ASOC, a division of Royal Dutch Shell) are the principal claimants. The principal correspondents include: the Director of APOC (Charles Greenway); Foreign Office officials (Sir Louis Du Pan Mallet; Sir Eyre Alexander Barby Wichart Crowe); the Secretary of State for Foreign Affairs (Sir Edward Grey); the Admiralty (William Graham Greene).
The papers cover:
- correspondence dated 1914 regarding a claim made by Roland H Silley, represented in the correspondence by his solicitors Treherne, Higgins and Company, to concessionary rights in Mesopotamia;
- proposals for APOC to represent the D’Arcy Group, the original British claimants to oil concession rights in Mesopotamia;
- an agreement made between representatives of the British and German Governments, the National Bank of Turkey, ASOC, Deutsche Bank and the D’Arcy Group (APOC), dated 19 March 1914, for the ‘Fusion of Interests in Turkish Petroleum Concessions of the D’Arcy Group and of the Turkish Petroleum Company’ (f 271);
- efforts, in late October and November 1914, to maintain the agreement of 19 March 1914, in spite of Britain now being at war with Turkey, including a letter from Greenway, dated 2 November 1914, stressing the importance of carrying through the concessions arrangements without delay (ff 156-161);
- a minute, with no indication of author, dated January 1915 which offers a concise précis of the history of oil concessions in Mesopotamia, and the background to the agreement of 19 March 1914 (f 143);
- in 1915, discussion amongst Foreign Office officials over the validity of the agreement signed on 19 March 1914, in response to events of the First World War.
- Extent and format
- 1 part (184 folios)
- Arrangement
The papers are arranged in approximate chronological order from the rear to the front.
- Written in
- English and French in Latin script View the complete information for this record
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Copyright: How to use this content
- Reference
- IOR/L/PS/10/302/1
- Title
- File 3877/1912 Pt 3 ‘Turkey in Asia: oil concessions’
- Pages
- 271r:271v
- Author
- Unknown
- Usage terms
- The copyright status is unknown. Please contact [email protected] with any information you have regarding this item.