Partex
Encyclopedia
Partex Oil and Gas Corporation is an oil company which is fully owned by the Calouste Gulbenkian Foundation
, from Lisbon
, Portugal
.
was the entrepreneur behind the formation of the Turkish Petroleum Company which, after many vicissitudes, became the Iraq Petroleum Company
in which he held a 5% interest (becoming known as Mr. Five Percent as a result). The contract between Royal Dutch Shell
, Anglo Persian (now BP
), Compagnie Française des Pétroles (now Total
), Near East Development Company (ExxonMobil
) and Calouste Gulbenkian was signed in July 1928. At the same time the partners undertook to work together within the boundaries of the former Ottoman Empire
- the Red Line Agreement
. This agreement had a fundamental influence on the future development of the oil reserves in the Middle East and led directly to the Partex Oil and Gas Group's present interests in the United Arab Emirates
and the Sultanate of Oman.
In 1938, before the beginning of the Second World War, Calouste Gulbenkian
incorporated in Panama
a company to hold his assets in the oil industry. It was Participations and Explorations Corporation from which came the name Partex.
Calouste Gulbenkian spent the final years of his life in Lisbon
, Portugal
, where he died in 1955. In his will, he left his oil interests and his art collection to a foundation, which was to be based in Lisbon, Portugal - the Calouste Gulbenkian Foundation
The Iraq
concession was nationalized in 1973 but it's still active in Abu Dhabi
and Oman
and diversified geographically to other countries like Kazakhstan
, Algeria
and Brazil
.>>
and gas
assets based on the percentage ownership of resources estimated to be produced throughout the remaining life of the concessions in which the Group participates. The oil and gas resources of the Group at the end of 2005 reached 215 million barrels of oil equivalent, showing a clear increase in relation to 2004.
Calouste Gulbenkian Foundation
The Calouste Gulbenkian Foundation is a Portuguese private foundation of public utility whose statutory aims are in the fields of arts, charity, education, and science...
, from Lisbon
Lisbon
Lisbon is the capital city and largest city of Portugal with a population of 545,245 within its administrative limits on a land area of . The urban area of Lisbon extends beyond the administrative city limits with a population of 3 million on an area of , making it the 9th most populous urban...
, Portugal
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
.
History
Prior to the First World War, Calouste GulbenkianCalouste Gulbenkian
Calouste Sarkis Gulbenkian was an Armenian businessman and philanthropist. He played a major role in making the petroleum reserves of the Middle East available to Western development...
was the entrepreneur behind the formation of the Turkish Petroleum Company which, after many vicissitudes, became the Iraq Petroleum Company
Iraq Petroleum Company
The Iraq Petroleum Company , until 1929 called Turkish Petroleum Company , was an oil company jointly owned by some of the world's largest oil companies, which had virtual monopoly on all oil exploration and production in Iraq from 1925 to 1961...
in which he held a 5% interest (becoming known as Mr. Five Percent as a result). The contract between Royal Dutch Shell
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
, Anglo Persian (now BP
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
), Compagnie Française des Pétroles (now Total
Total S.A.
Total S.A. is a French multinational oil company and one of the six "Supermajor" oil companies in the world.Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing, and...
), Near East Development Company (ExxonMobil
ExxonMobil
Exxon Mobil Corporation or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas...
) and Calouste Gulbenkian was signed in July 1928. At the same time the partners undertook to work together within the boundaries of the former Ottoman Empire
Ottoman Empire
The Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...
- the Red Line Agreement
Red Line Agreement
The Red Line Agreement is the name given to an agreement signed by partners in the Turkish Petroleum Company on July 31, 1928. The aim of the agreement was to formalize the corporate structure of TPC and bind all partners to a self-denial clause that prohibited any of its shareholders from...
. This agreement had a fundamental influence on the future development of the oil reserves in the Middle East and led directly to the Partex Oil and Gas Group's present interests in the United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
and the Sultanate of Oman.
In 1938, before the beginning of the Second World War, Calouste Gulbenkian
Calouste Gulbenkian
Calouste Sarkis Gulbenkian was an Armenian businessman and philanthropist. He played a major role in making the petroleum reserves of the Middle East available to Western development...
incorporated in Panama
Panama
Panama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The...
a company to hold his assets in the oil industry. It was Participations and Explorations Corporation from which came the name Partex.
Calouste Gulbenkian spent the final years of his life in Lisbon
Lisbon
Lisbon is the capital city and largest city of Portugal with a population of 545,245 within its administrative limits on a land area of . The urban area of Lisbon extends beyond the administrative city limits with a population of 3 million on an area of , making it the 9th most populous urban...
, Portugal
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
, where he died in 1955. In his will, he left his oil interests and his art collection to a foundation, which was to be based in Lisbon, Portugal - the Calouste Gulbenkian Foundation
Calouste Gulbenkian Foundation
The Calouste Gulbenkian Foundation is a Portuguese private foundation of public utility whose statutory aims are in the fields of arts, charity, education, and science...
The Iraq
Iraq
Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
concession was nationalized in 1973 but it's still active in Abu Dhabi
Abu Dhabi
Abu Dhabi , literally Father of Gazelle, is the capital and the second largest city of the United Arab Emirates in terms of population and the largest of the seven member emirates of the United Arab Emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the central western...
and Oman
Oman
Oman , officially called the Sultanate of Oman , is an Arab state in southwest Asia on the southeast coast of the Arabian Peninsula. It is bordered by the United Arab Emirates to the northwest, Saudi Arabia to the west, and Yemen to the southwest. The coast is formed by the Arabian Sea on the...
and diversified geographically to other countries like Kazakhstan
Kazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
, Algeria
Algeria
Algeria , officially the People's Democratic Republic of Algeria , also formally referred to as the Democratic and Popular Republic of Algeria, is a country in the Maghreb region of Northwest Africa with Algiers as its capital.In terms of land area, it is the largest country in Africa and the Arab...
and Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
.>>
Organisation
The Partex Oil and Gas Group is basically organized by geographical areas and holds interests in concessions and joint ventures engaged in upstream activities related to the oil and gas industry, namely exploration, development, production and sales. The Group is structured in sub-holding companies, management units, concession companies and service companies that provide to the joint ventures and operating companies in which the Group participates all the necessary advice and financial, technical, management and human resources support that they require, in accordance with the strategy and guidelines defined by the Holding.Resources
Partex Oil and Gas has access to oilOil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
and gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
assets based on the percentage ownership of resources estimated to be produced throughout the remaining life of the concessions in which the Group participates. The oil and gas resources of the Group at the end of 2005 reached 215 million barrels of oil equivalent, showing a clear increase in relation to 2004.