Page 57 - The Persian Gulf Historical Summaries (1907-1953) Vol III_Neat

53
(a)

Letter dated November 22, 1951, from the Ruler of Kuwait to the Kuwait Oil
Company, agreeing to the assignment to the Gulf Kuwait Company by
the Kuwait Oil Company of one-half of the concession granted to the
latter on December 23, 1934
In the exercise of my powers as Ruler of Kuwait on my own behalf and
in the name of and on behalf of my heirs and successors in whom is or shall be
vested for the time being the responsibility for the control and government of the
State of Kuwait, I hereby agree that Kuwait Oil Company Limited may assign
and convey to Gulf Kuwait Company, a corporation incorporated under the laws
of the State of Delaware, United States of America, an undivided one-half interest
in all of the rights, duties, privileges, interests and obligations of Kuwait Oil
Company Limited based upon or derived from the Agreement of December 23rd,
1934, executed by the Ruler of Kuwait and said Kuwait Oil Company Limited.
This instrument is written in English and translated into Arabic. If there
should be at any time any disagreement as to the meaning or interpretation of this
instrument, the English text shall prevail.

(b)

Agreement dated November 30, 1951, between the Kuwait Oil Company and the
Gulf Kuwait Company, assigning one-half of the Concession to the Gulf
Kuwait Company

Know all men by these presents:
Whereas His Excellency the Ruler (Shaikh) of Kuwait entered into a Petroleum
Concession Contract dated 23rd day of December, 1934, with Kuwait Oil Company
Limited, a company incorporated under the Companies Act, 1929, and having its
registered office at I Great Cumberland Place, London, W. 1, reference being here
made to said Petroleum Concession Contract for all the terms and provisions
thereof and,
Whereas His Highness the Ruler (Shaikh) of Kuwait has given his consent
to the assignment and conveyance hereinbelow made by Kuwait Oil Company
Limited to Gulf Kuwait Company, a company organised under the Laws of the
State of Delaware, United States of America,
Now therefore:
Said Kuwait Oil Company Limited hereby assigns and conveys unto said Gulf
Kuwait Company, its permitted successors and assigns,
(a) An undivided one-half interest in all of the right, title and interest of
Kuwait Oil Company Limited in and to the said Petroleum Concession
Contract of 23rd December, 1934, executed by and between said Kuwait
Oil Company Limited and His Excellency the Ruler (Shaikh) of Kuwait
and in and to all of the rights, privileges and interests of Kuwait Oil
Company Limited based upon or derived from said Petroleum
Concession Contract, and also
(b) An undivided one-half interest in all plant, equipment, lands, buildings,
licences, surface rights, and in all other assets of whatsoever nature
and wheresoever located owned by Kuwait Oil Company Limited as
of the effective date hereof, except £50,000 in cash.
To have and to hold unto Gulf Kuwait Company, its permitted successors and
assigns, forever.
Gulf Kuwait Company hereby accepts this assignment and conveyance and
hereby assumes one-half of all of the obligations and liabilities of Kuwait Oil
Company Limited under or based upon the said Petroleum Concession Contract
of 23rd December, 1934, and one-half of all other obligations and liabilities,
whether contingent, ascertained , or not, of Kuwait Oil Company Limited of every
kind as of the effective date of this assignment.
The consideration to Kuwait Oil Company Limited for this assignment and
conveyance is the issuance and delivery to it of the entire capital stock of Gulf