RUSSIAN OIL.

Press, Volume LXIII, Issue 19165, 23 November 1927, Page 10

RUSSIAN OIL.

PURCHASE BY AMERICAN COMPANY. (by cable— pbbss associatiok— coptbioht.) (atj3tsaliak and k.z. cablb association.) (Eeceived November 22nd, 7.20 p.m.) NEW YOEK, November 21. Despite the protest of the Eoyal Dutch and Shell Group, the Standard Oil Company, New York, has entered into a new contract for the purchase of a large quantity of Russian oil products to supply its markets in the Near East. The contract calls for the delivery of a minimum of 360,000 tons of oil over a period of six years, and is the third agreement which the Standard Company has made since last December. It is understood that the Standard Company's purchases of Russian oil will amount to 1,400,000 tons a year during the life of thu three contracts. The opinion here is that the new agreement foreshadows a bitter contest for supremacy in foreign oil markets. [A warfare is developing among the world's large oil companies over the question of dealing with the Soviets. The Standard Oil Company, of New Jersey, recently announced that it would not deal with the Soviets and the Royal Dutch and Shell Companies agreed to follow a similar policy till Russia compensated owners of oil concessions whose properties were confiscated during the' revolution. In July last Sir Henry Detending, managing director of the Royal Dutch and Shell Group, accused the Standard Company of violating the principles of commercial honesty by dealing with Russia.]