RUSSIAN PETROL

Rotorua Morning Post, Volume 1, Issue 62, 4 November 1931, Page 5

RUSSIAN PETROL

SOVIET COMBINE HAS EYES ON AUSTRALIAN MARKET. CONTRACT PREPARED. Oii the sea, on its way to Australia, is a contraet which, it is expected, will place Russian petrol on the Australian market, in open competition with American and Brltish petrols. The eontract is-in the custody of a higli offieial of Russian Oil Products, which is the London title of the Russo Oil Syndicate, an immensely wealthy Rusfeian concern combining the oil interests of the Soviet. A syndicate of 10 or 12 influential Australian business men has been formed to contract for a specified quantity of Russian petrol each year. Three months ago a member of this syndicate eame to London to . negotiate with Russian Oil Products. His objects were twofold. Firstly, be was interested in a Russian scheme for extracting oil from coal; secondly, in securing a Russian oil contract for his syndicate. The first object has been dropped, and the result of his negotiations is the contract which is now on the sea. How acceptable it may be to the syndicate remains to be proved. The Australian at the head of the syndicate is a shrewd business man, and will certainly drive a wise bargahi. The terms of the contract are strictly secret. It is thought that the yearly amount of petrol to be contracted for has yet to be deeided. This encourages the belief that the syndicate does not aim to "clean up" the Australian market with Russian petrol. Probably only a limited attack will be made, but it will be big enough to make a serious hole in the profits of companies now operating.