• Short Summary

    Under new Premier Amintore Fanfani, Italy is evolving in its first semi-independent foreign policy since World War Two a new way to assist "Middle East people's progress without interference."
    One of the ways Italy plans assistance is to buy up oil exploration and exploitation rights abroad but hand over three quarters of the profits to the country from which the oil is taken.

  • Description


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    Script is copyright Reuters Limited. All rights reserved

    Background: Under new Premier Amintore Fanfani, Italy is evolving in its first semi-independent foreign policy since World War Two a new way to assist "Middle East people's progress without interference."
    One of the ways Italy plans assistance is to buy up oil exploration and exploitation rights abroad but hand over three quarters of the profits to the country from which the oil is taken.

    This is a departure from the fifty-fifty profit split by British and U.S. oil companies abroad.

    Although Signor Fanfani, back from a one-week trip to Washington, London and Bonn spoke of the success of his tour and of the closeness of views on means of helping Middle East peoples, reports indicate a certain coldness in London and Washington over Italy's move to upset the old pattern of the fifty-fifty oil profit split.

    The Italian oil concession came shortly before Signor Fanfani flew to Washington when one of his close sides, Signor Enrico Mattei, head of ENI, the Italian state oil monopoly, signed the 75-25% oil agreement in Rabat, July 25.

    The agreement covers the exploration and exploitation of an 11,500 - square mile tract in the Tarfaya province in Western Sahara, held by Morocco.

  • Tags

  • Data

    Film ID:
    VLVA9RE9E55ZI2CAKG9PY3FQ3O08P
    Media URN:
    VLVA9RE9E55ZI2CAKG9PY3FQ3O08P
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    05/08/1958
    Sound:
    Unknown
    HD Format:
    MXF
    Stock:
    Black & White
    Duration:
    00:01:13:00
    Time in/Out:
    /
    Canister:
    N/A

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