Page 232 - Records of Bahrain (7) (ii)_Neat

622 Records of Bahrain

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from tho 50^ ahare in profits, (roforrod to in para 2)
toepthor witli tho lls. 60 lakhs por annum (roforrod to
in purs 3) from tho churGQ on importod crudo oil, this

guaranto© to remain in forco for live yours from tho
time of tho now arrangement, In case of forco majoure
tho payment to the Government should not at any time
bo 1033 than R3. 100 lakhs pur annum.
6. Ills Highnes3 realises that conditions differ

in various neighbouring states which affect tho rights
:
granted to oil companies and'the compensation which is
paid to the Governments concerned, He wishes It to
be agreed that in tho ovent of a revision in the oil
i
,1 terms of any neighbouring 3tato resulting in the Govern­
i i ment of the country receiving substantially more favour­
I I
able treatment than the Balirain Government receives from
tho Bahrain Potroleum Company tho terms governing Bahrain's
compensation should thon bo reviewed with the mutual object
!
of readjusting the conditions so that Bahrain will be not
;; less favourably troatod than a neighbouring country.
1 7. His Highness wishes the payments by tho company
to be in atorling.

8. Ills Highness considers tliut the inhubltunts of
Bahrain should benefit from their oil which is being
producod by the company under conditions which are more
favourable than conditions in neighbouring states. Iraq

recently acquired the right to dispose of part of its oil;
His Highness is not demanding this but he wishes the com­
pany to soil oil products in Bahrain at rockbottom prices
to the local purchasers and not to make a change in prices
of oil products without liis agreement.

9. Saudi Arabia made a 9'0-9'0 agreement with tho
Arabian American Oil Company at tho beginning of 19£L*
In Juno 1991 the Bahrain Petroleum Company commenced a