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Qum-1956: A Misadventure in Iranian Oil

Published online by Cambridge University Press:  11 June 2012

Robert L. Rosenberg
Robert L. Rosenberg
Affiliation:
Assistant Professor of History, California Polytechnic State University, San Luis Obispo
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Abstract

Professor Rosenberg describes an unsuccessful attempt by four international businessmen to obtain oil concessions in Iran during a period of concern about oil supplies. The incident illuminates some of the hidden politics of international business activity.

Type
Research Article
Information
Business History Review , Volume 49 , Issue 1 , Spring 1975 , pp. 81 - 104
Copyright
Copyright © The President and Fellows of Harvard College 1975

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References

1 Fortune, October, 1956. All correspondence and other unpublished material cited in this paper are from the Milton Reynolds Collection, located in the manuscripts section, Suzzallo Library, University of Washington, Seattle, Washington. Materials used herein are from Box #10, “Iran.”

2 “What Suez Really Means to U.S., Europe,” U.S. News and World Report, November 30, 1956, 36–38.

3 Iran Almanac, 1963.

4 Shwadran, Benjamin, The Middle East: Oil and the Great Powers (New York, 1959)Google Scholar.

5 Fontaine, Andre, History of the Cold War (New York, 1969), 145Google Scholar.

6 Shwadran, Middle East, 181–182. Ownership of the consortium as of 1973 was: British Petroleum (40 per cent), Royal Dutch Shell (14 per cent), Gulf, Mobil, Socal, Exxon, Texaco (7 per cent each), and Compagnie Française des Pétroles (6 per cent). Wall Street Journal, May 8, 1973.

7 Concerning Milton Reynolds' career, see Rosenberg, Robert Leonard, “The Ventures and Adventures of an Errant Entrepreneur: Milton (Ball-Point) Reynolds” (unpublished Ph.D. dissertation, University of Washington, 1971)Google Scholar.

8 Zonis, Marvin, The Political Elite of Iran (Princeton, 1971), 8Google Scholar.

9 Ahmad Chafik to Richard Klehe, June 21, 1956.

10 Selden Chapin to C. Douglas Dillon, August 12, 1956.

11 “The Story Behind the 5 Alborz,” B. Mostofi and Dr. August Gansser, Oil and Gas Journal, January 21, 1957, 78–84.

12 Charles Allen to Alwin Franz, October 4, 1956.

13 Milton Reynolds' memorandum re Allen's meetings in Iran, October 12, 1956.

14 Ibid.

15 Charles Allen to His Imperial Majesty Mohamad Reza Shah Pahlavi, October 18, 1956.

16 Richard Klehe to Charles Allen, October 15, 1956.

17 Klehe to Bennahum, October 31, 1956.

18 Reynolds to Allen, November 4, 1956.

19 These figures are as close as can be determined from the remaining records. Exact investment of the Allen Group was: Allen, 404,480 rials; Reynolds, 20,000 rials; Bennahum and Klehe, 17,760 rials each. According to Reynolds there were no fractional shares issued.

20 Chafik to Klehe, November 7, 1956.

21 Allen to Bennahum, November 9, 1956.

22 Report of trip to Iran, November 15, 1956, P. L. Gallagher and E. F. Lord.

23 Klehe to Bennahum, November 12, 1956.

24 Klehe to Reynolds, November 16, 1956.

25 Chafik to Klehe, November 18, 1956.

26 Klehe to Allen and Reynolds, November 21, 1956.

27 James Milton Reynolds to Hauge et al., November 26, 1956.

28 U.S. State Department memorandum of November 28, 1956.

29 Chafik to Allen, November 27, 1956.

30 “Special Delivery Letter Dictated by Mr. Chafik to Mr. Clay [Klehe?] Before His Departure from Paris to Teheran on Saturday, December First [1956].”

31 Chafik to Allen, December 3, 1956.

32 Allen to Chafik, December 6, 1956.

33 Preliminary Proposal Presented by the Allen Group to the National Iran [sic] Oil Co. For Discussion, December 19, 1956.

34 Chafik to Allen, December 24, 1956.

35 Bennahum to Lord, December 27, 1956.

36 Chafik to Allen, December 22, 1956.

37 Ebtehaj to Allen, December 29, 1956.

38 Allen to Chafik, January 2, 1957.

39 Ebtehaj to Reynolds, cablegram, undated, but refers to a Reynolds' letter of January 9, 1957.

40 Allen to Chafik, January 9, 1957.

41 Philip F. Maguire to Allen, January 19, 1957.

42 Bennahum to Allen, January 25, 1957.

43 Chafik to Allen, February 3, 1957.

44 Allen to Chafik, February 13, 1957.

45 Bennahum to Klehe, February 14, 1957.

46 Chafik to Allen, February 17, 1957.

47 Lilienthal to Allen, February 19, 1957.

48 Milton Reynolds, “Random Notes of Yesterday's Meeting,” March 9, 1957.

49 Allen to Chafik, March 21, 1957.

50 Chafik to Reynolds, April 20, 1957.

51 New York Times, April 7, 1957.

52 Bennahum to Reynolds, September 19, 1957.

53 Journal of Commerce, Monday, October 7, 1957.

54 New York Times, October 8, 1957.

55 Journal of Commerce, October 8, 1957.

56 Time, March 31, 1958.

57 Bennahum to Reynolds, April 10, 1958.

58 Time, October 27, 1958.

59 Iran Almanac, 1963.

60 Iran Almanac, 1966.

61 Iran Almanac, 1971.

62 Ibid.

63 Ramazani, Rouhallah K., “Iran's Changing Foreign Policy,” Middle East Journal, XXIV (August, 1970), 421–437Google Scholar; and Berry, John A., “Oil and Soviet Policy in the Middle East,” Middle East Journal, XXVI (Spring, 1972), 149–160Google Scholar.