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
11 February 2026
Panellists from three LNG buyers at LNG2026 in Doha outlined their evolving procurement strategies as they navigate heightened market volatility
11 February 2026
North African producer plans to boost output by early 2030, with Europe its number one priority as export destination
11 February 2026
Maritime leaders at LNG2026 warned of the dangers of over-regulation on competitiveness, sustainability and innovation
10 February 2026
The country has opened bidding on 50 blocks in a new licensing round but will face competition for attention and will need to address concerns about security and legislation
