An oilman not of oil
A new biography of Calouste Gulbenkian portrays him as a formidable behind-the-scenes fixer, rather than a fuel fanatic
Calouste Gulbenkian was the then richest man in the world when he passed away in 1955 at the age of 88. But, while the man long dubbed ‘Mr Five Per Cent’ may have made his fortune in his share in a range of Middle East oil ventures, a new book suggests that the source of his wealth and influence was hardly his passion. Oil made Gulbenkian fabulously wealthy and hugely influential. As Jonathan Conlin points out in ‘Mr Five Per Cent: The many lives of Calouste Gulbenkian’*, the Turkish-born British Armenian was a key figure in the creation of international oil companies. His 1928 Red Line Agreement—signed by oil firms operating within a red circle on a map, drawn around the former boundaries
Also in this section
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
