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File 3877/1912 Pt 2 ‘Turkey in Asia: oil concessions’ [34r] (76/308)
The record is made up of 1 volume (148 folios). It was created in 28 Aug 1913-31 Mar 1914. It was written in English. 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.
CONFIDENTIAL.
'^1 (h-
TURKISH PETROLEUM CONCESSIONS.
Arrangements for Fusion of the Interests in Turkish Petroleum Concessions of the
D'Arcy Group and of the Turkish Petroleum Company.
IT 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,
Twenty-five per 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 he transferred in equal moieties to the Deutsche Bank and the Anglo-
Saxon Company.
2. The capital of the Turkish Petroleum Company shall he increased to 160,000/.
hy the creation of 80,000 new shares of 1/. each of the same class as those now
existing.
3. These 80,000 new shares shall he allotted to the D’Arcy group on terms to he
agreed upon between the parties.
4. The Board of the Company shall consist of 8 members, of whom 4 will he
nominated hy the D’Arcy group, 2 by the Deutsche Bank, and 2 hy the Anglo-Saxon
Company.
5. The capital of the Turkish Petroleum Company shall he 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 he acquired ; such ordinary shares shall carry full
control of the working company or companies, which control shall in no circumstances
he parted with hy the Turkish Petroleum Company.
7. The working capital required by such working company or companies shall be
raised hy 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-feaxon Company out of theii
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-baxon
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 thai
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 m aiticle ou (6)
of the articles of association of the Turkish Petroleum Company. .
10. The three groups participating in the lurkish Petroleum Company shall give
undertakings on their own behalf and on behalf of the companies associated with
them not to be interested directly or indirectly in the production or manufacture oi
crude oil in the Ottoman Empire in Europe and Asia, .e xcept in that p art which is
[400] tn
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20 MARI!
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27 MAR1914
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About this item
- Content
The volume is a chronological continuation of File 3877/1912 Pt 1 ‘Turkey in Asia: oil concessions’ (IOR/L/PS/300), 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 papers largely deal with the British Government’s concern that APOC achieve a predominant position in any final concession, at the cost of ASOC and the National Bank of Turkey, the latter holding a stake in the Turkish Petroleum Company. The principal correspondents in the volume are: the president of the National Bank of Turkey (Sir Henry Babington Smith); the Managing Director of APOC (Charles Greenway); Foreign Office representatives (Alwyn Parker; Sir Eyre Alexander Barby Wichart Crowe); Deutsche Bank board member Emil Georg von Stauß.
The correspondence covers:
- the withdrawal of the National Bank of Turkey from concessions negotiations;
- negotiations between officials representing the British Government and Deutsche Bank over the form of any concession agreement;
- arrangements for the division of Turkish petroleum concession interests between the British and German Governments, the Deutsche Bank, National Bank of Turkey, the ASOC and APOC.
The volume includes a divider which gives the subject (Turkey in Asia: oil concessions) and part number (2), the year the subject file was opened (1912), and a list of correspondence references contained in that part by year. This is placed at the back of the correspondence (f 1).
- Extent and format
- 1 volume (148 folios)
- Arrangement
The papers are arranged in approximate chronological order from the rear to the front of the volume.
The subject 3877 (Turkey in Asia: oil concessions) consists of 3 volumes, IOR/L/PS/10/300-302. The volumes are divided into 5 parts, with parts 1 and 2 comprising one volume each, and parts 3, 4 and 5 comprising a third volume.
- Physical characteristics
Foliation: The foliation sequence commences at the first folio with 1 and terminates at the last with folio 148; these numbers are written in pencil, are circled, and are located in the top right corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. side of each folio. The foliation sequence does not include the front and back covers, nor does it include the two leading and ending flyleaves.
- Written in
- English in Latin script View the complete information for this record
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File 3877/1912 Pt 2 ‘Turkey in Asia: oil concessions’ [34r] (76/308), British Library: India Office Records and Private Papers, IOR/L/PS/10/301, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100031027246.0x00004d> [accessed 19 April 2024]
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Copyright: How to use this content
- Reference
- IOR/L/PS/10/301
- Title
- File 3877/1912 Pt 2 ‘Turkey in Asia: oil concessions’
- Pages
- 34r:34v
- Author
- Unknown
- Usage terms
- The copyright status is unknown. Please contact copyright@bl.uk with any information you have regarding this item.