October 5, 1972 (Thursday)
- In New York, the General Agreement on Participation was signed between the governments of oil exporters Saudi Arabia, Kuwait, Qatar and the United Arab Emirates on one side, and representatives of the petroleum producing corporations Exxon, Chevron, Texaco and Mobil. In return for a total of $500,000,000 a 25% interest in the Arab-American Company, Aramco, was sold by the oil companies to the four OPEC nations, with an objective of the national oil companies of each country acquiring a 51% ownership by 1983.
- Born: Grant Hill, American NBA player, in Dallas
- Died: Ivan Yefremov, 64, Soviet paleontologist and science fiction author.
Read more about this topic: October 1972
Famous quotes containing the word october:
“Especially when the October wind
With frosty fingers punishes my hair,”
—Dylan Thomas (1914–1953)