RUSSIAN OIL

Hokitika Guardian, 4 October 1928, Page 5

RUSSIAN OIL

ATTEMPT TO GET CONCESSION

(United Press Association.—By Electric Telegraph.—Copyright.)

LONDON, Oct. 3

The Daily Telegraph states: Negotiations, have been proceeding between an oil (Ambine composed of the Shell Coy., the AnglOrPcrsian Coy., ilie An-glo-American Oil Coy. and the Soviet oil interests. These .parties have broken down. The parties have failed to watch an agreement regarding the sale of Russian oil in the United Kingdom. The breakdown as due to the London Oil Combine’s insistence upon moderate compensation being paid to Russia in respect to British properties confiscated by the Soviet, which claim would have taken the form of a five per cent, discount on the Russian Oil Combine. The British Oil Combine was prepared to buy 550 thousand tons of Russian petrol, fuel oil, and paraffin gas oil annually, apart from existing contracts, thus making the Russian trade with Britain 965,000 tons of oil annually. The Soviet was obdurate. This was due to political reasons.

Meanwhile owing to Russian oil competition ,tho Aiiglo-Persian Oil Cev., arc 1 ’ foregoing their dividends, while the Anglo-American Oil Coy., has halved its and the Shell Oil Cov. is paying its dividends out of the profits it ■lias earned outside of the United Kingdom. - .y ;-i,.i>- :