Partex Oil and Gas

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"In 1928, the signature of the Red Line Agreement and the confirmation of the shareholding participations of the Turkish Petroleum Company (TPC) marked the consolidation of Calouste Gulbenkian’s firm involvement in the oil industry in the region. TPC then changed its name to Iraq Petroleum Company.

"A decade later, in June 1938, Calouste Gulbenkian decided to incorporate his oil business assets in a Company he created in Panama: Participations and Explorations Corporation. The name of the Group – PARTEX – originates from the name of this Company.

"With Calouste Gulbenkian’s death in 1955, the Middle East oil industry and as a consequence, the Group’s holdings changed significantly. This particularly affected the concessions held by the Iraq Petroleum Company, which were nationalized in 1973.

"As a result of the strategic decisions and business requirements of Partex, new companies have been created over the years. In March 1998, almost 60 years after the creation of the first company, a holding company was incorporated in Cayman Island – Partex Oil and Gas (Holdings) Corporation – owned entirely by the Calouste Gulbenkian Foundation. It became the holder of the Gulbenkian participations in the oil and gas business and the only shareholder of all the Group Companies." [1]


Accessed October 2012: [2]



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  1. Partex Oil and Gas About, organizational web page, accessed October 12, 2012.
  2. Partex Oil and Gas Board, organizational web page, accessed October 12, 2012.