A Long Time In Finance Iraq, Minerals and the Art of the Deal
Mar 14, 2025
Dive into the fascinating world of mineral deals shaped by historical geopolitics! Discover the tumultuous backdrop of the Ottoman Empire and how international tensions influenced oil exploration. Learn about Kalust Gulbenkian's strategic rise in the oil industry amidst rivalries and political intrigue. Explore the lasting effects of the Sykes-Picot agreement on modern Iraq and the delicate balance between resource extraction and stability. Lastly, uncover the complex ties between mineral resources and political dynamics in both Iraq and Ukraine.
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Mineral Deals and Security Ties
- Deals granting mineral rights can be tied to security guarantees for political influence.
- Such arrangements date back to early 20th century Middle Eastern oil concessions amid war.
Gulbenkian's Concession Strategy
- Calust Gulbenkian, an Armenian engineer, orchestrated early oil concessions despite rarely visiting oil fields.
- He united British, German, and Royal Dutch Shell investments in the Turkish Petroleum Company.
Sykes-Picot and Oil-Driven Borders
- The Sykes-Picot agreement cynically divided Middle East between Britain and France.
- Britain altered lines post-WWI to secure oil-rich Mosul, reshaping Iraq's borders.