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Former Saudi Petroleum Minister Ahmed Zaki Yamani dies at age 90

Ahmad Zaki Yamani, a powerful oil minister in Saudi Arabia, built the ability of the Arab world to manage its energy resources in the 1970s and influence subsequent oil production, fuel prices and international affairs in London. died. He was 90 years old.

His death was announced on Tuesday by Saudi state television.

In an era of turbulent energy politics Yamani, a Harvard-trained lawyer, told Arab oil producers on the world stage as the industry overcame the Arab-Israeli war, the Iranian Revolution, and growing pain. Global oil demand has raised governments in Saudi Arabia and other Persian Gulf countries into an unimaginable territory of wealth. Crossing Europe, Asia and the United States to promote the interests of Arab oil, he met government leaders, appeared on television and became widely known. In a flowing Arabic robe or Savile Row suit that speaks English or French, He was straddling cultureHe loves European classical music and writes Arabic poetry.

Mr Yamatani generally strove for stable prices and an orderly market, but best known for designing an oil ban in 1973, with rising global prices, petrol shortages, small cars and renewables. He called for independence from the possible energy source, Arab Oil.

From 1962 to 1986, as Minister of Oil of Saudi Arabia Mr. Yamatani was the most powerful commoner in the kingdom, which boasts the world’s largest oil reserves. For almost 25 years, he has also been a key officer of the Organization of Petroleum Exporting Countries, and changes in its production quotas have spilled over into the global market.

1972, Mr Yamatani moved on to managing the vast Gulf oil reserves from Aramco, a consortium of four American oil companies that have used them for a long time. Arab leaders demanded Aramco’s nationalization, but the acquisition may have required American technology and marketing expertise, and capital, but Yamani adopted a more modest strategy. did.

Under the groundbreaking “participation” agreement negotiated by Mr Yamani, Saudi Arabia immediately acquired 25% of the foreign concessions and gained the right to gradually increase its stake to control. Meanwhile, Aramco continued to make concessions, benefiting from oil mining, refining and sales, although it had to pay a significantly higher fee to the Saudi government.

The deal continued to flow oil into the industrialized nations it depended on, giving Arab oil producers time to develop their own technological and marketing expertise. These developments ultimately brought great prosperity to the Gulf nations and led to dramatic changes in the region’s economic and political power.

In 1973, after Israel defeated Egypt and Syria in the Yom Kippur War and Arab leaders demanded the use of oil as a political weapon, Yamani helped the United States and other allies to Israel and Israel. Designed a ban to pressure the withdrawal of the withdrawal from occupied Arab lands. The embargo sent a shock wave all over the world, causing a crack in the North Atlantic Alliance and devoting Japan and other nations to Arabs.

But the United States has taken that line. President Richard M. Nixon founded the Energy Emperor. Gasoline rations and price controls were imposed. There were long lines and occasional battles with pumps. Inflation has continued for years, but for some time new emphasis has been placed on energy exploration and conservation, including the national highway speed limit of 55 mph.

A tall man with compassionate eyes and Van Dyck’s beard, Yamani thought Westerners were graceful, astute, and tenacious.

“He speaks calmly and never hits the table,” an American oil executive told The New York Times. “The hotter the discussion, the more patient he becomes. After all, he looks like a sweet rationality, but with a kind of toughness he gives way.”

In 1975, Mr. Yamatani had two violent brushes. His patron, King Faisal, was assassinated by his nephew in the royal family of Riyadh. Nine months later, he and other OPEC ministers were taken hostage by a terrorist led by Irich Ramirez Sanchez, also known as Carlos the Jackal.

Years after the embargo, Mr Yamani struggled to control oil prices, believing that Saudi’s long-term interest was to prolong its global reliance on affordable oil. However, the overthrow of the Iranian Shah during the 1979 Islamic Revolution caused an energy crisis. Iran’s production plummeted, prices soared, hoarding began, OPEC stock growth flooded the market, and prices fell again.

In 1986, after a prolonged disagreement over global oil surplus and quotas and prices between Mr Yamatani and the royal family King Fahad dismissed the Minister of OilEnds his 24 years as the most famous non-royal family in Saudi Arabia.

Ahmed Zaki Yamani was born on June 30, 1930 in Mecca, an Islamic sanctuary, as one of the three children of Islamic law judge Hassan Yamani. The family name comes from Yemen, the land of his ancestors. The boy was enthusiastic and religious, getting up early and praying in front of school. He was sent abroad for higher education and earned a degree from Kingfad I University in Cairo in 1951, New York University in 1955, and Harvard Law School in 1956.

with him Laila Sulleiman Faidhi married in 1955 and had three children. His second wife was Tamamuaru Ambar. They got married in 1975 and had five children.

In 1958, the royal family asked him to advise Crown Prince Faisal, and his rise was rapid. In a year, he was a non-profit minister and by 1962 he was a petroleum minister. In 1963, Yamani and Aramco co-founded the Saudi Arabian Petroleum and Minerals University to teach Arab students expertise in the oil industry.

After dismissing the Minister of Petroleum, Mr. Yamatani became a consultant, entrepreneur and investor and settled in Cranschulcière, Switzerland. In 1982, he joined another financial firm in Investcorp, a private-equity firm based in Bahrain. In 1990, he founded the Global Energy Research Center, a market analysis group in London. In 1989, Jeffrey Robinson’s biography “Yamani: Inside Story” was published.

Ben Hubbard Contribution report.

Former Saudi Petroleum Minister Ahmed Zaki Yamani dies at age 90

Source link Former Saudi Petroleum Minister Ahmed Zaki Yamani dies at age 90

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