309. Memorandum From the Assistant Secretary of State for Economic Affairs (Waugh) to the Under Secretary of State (Hoover)1
SUBJECT
- Additional American Oil Companies in Iranian Oil Consortium
In the event you are not aware of the latest developments on this question, the following information may be of interest.
The legal documents transferring title to the additional companies were signed Thursday, April 28. Prior to the signing, Sinclair, Cities Service and Anderson–Prichard withdrew, leaving nine companies in the new group. Since Sinclair and Cities Service withdrew in favor of Richfield and Anderson–Prichard withdrew in favor of American Independent, Richfield has three–twelfths of the 5 percent, American Independent two–twelfths, and the remaining seven companies one–twelfth each.
The new group has organized a company to represent the members in certain Consortium matters. This company is Iricon Agency, Ltd., a Delaware corporation, which is to be known as IRICON. Pending the election of a more permanent president, Mr. R.S. Stewart, Standard Oil Company (Ohio), has agreed temporarily to serve as president.
Very little is known thus far about the scope of activity of IRICON.
- Source: Department of State, Central Files, 888.2553/5–255. Drafted by Eakens and approved by Armstrong.↩