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TELCON
Sec. Connally/Kissinger
12:32 p.m. - 8/2/72
K:
Hello, Mr. Secretary.
C:
Hello there, Doctor, how was your trip?
K:
Very interesting.
C:
That's good. I talked to Prince Saud Faisal and had a two hour visit
with him. He is extremely knowledgeable about these negotiations and
he is waiting to come over to see you this afternoon. He's at the
Madison Hotel. I suggested 3 or 4 o'clock because I wasn't sure but
if you don't mind you might ask your secretary to call him and set
a: time.
K:
Oh, good. I can't do it at 4;, I can do it at 3.
C:
Well, I'm sure he'll do it anytime, Henry.
K:
Now is there anything I ought to know.
C:
Yes. They apparently are pretty well locked in on a participation at
20% and escalating really to 51%. He asked me if we were worried
about this netbook value.
K:
There are two issues. One is the participation and the other is
C:
the matter of compensation.
K:
Exactly.
C:
Now he says that for the most part they have everything agreed except
the matter of compensation and I said "Well, it's a very vital factor.
And I said netbook value - the use of that would upset us enormously. 11
That means that you're going to be trying to set a pattern for the rest
of the world, not just in the petroleum industry but in all types of
industries." I said, "Netbook value, particularly of extractive minerals
industry does not in any sense reflect value." Well, he said, " We
can use other words. There are ways that we can affect compensation.
There are many hidden compensations. Maybe we'll have to devise new
words. 11 And I said, "I think it's absolutely essential that we get away
from the net book value."
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"ocrText": "TELCON\nSec. Connally/Kissinger\n12:32 p.m. - 8/2/72\nK:\nHello, Mr. Secretary.\nC:\nHello there, Doctor, how was your trip?\nK:\nVery interesting.\nC:\nThat's good. I talked to Prince Saud Faisal and had a two hour visit\nwith him. He is extremely knowledgeable about these negotiations and\nhe is waiting to come over to see you this afternoon. He's at the\nMadison Hotel. I suggested 3 or 4 o'clock because I wasn't sure but\nif you don't mind you might ask your secretary to call him and set\na: time.\nK:\nOh, good. I can't do it at 4;, I can do it at 3.\nC:\nWell, I'm sure he'll do it anytime, Henry.\nK:\nNow is there anything I ought to know.\nC:\nYes. They apparently are pretty well locked in on a participation at\n20% and escalating really to 51%. He asked me if we were worried\nabout this netbook value.\nK:\nThere are two issues. One is the participation and the other is\nC:\nthe matter of compensation.\nK:\nExactly.\nC:\nNow he says that for the most part they have everything agreed except\nthe matter of compensation and I said \"Well, it's a very vital factor.\nAnd I said netbook value - the use of that would upset us enormously. 11\nThat means that you're going to be trying to set a pattern for the rest\nof the world, not just in the petroleum industry but in all types of\nindustries.\" I said, \"Netbook value, particularly of extractive minerals\nindustry does not in any sense reflect value.\" Well, he said, \" We\ncan use other words. There are ways that we can affect compensation.\nThere are many hidden compensations. Maybe we'll have to devise new\nwords. 11 And I said, \"I think it's absolutely essential that we get away\nfrom the net book value.\""
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