THE PRESIDENT'S DAILY BRIEF 7 DECEMBER 1973

• Document Type: FOIA
• Collection: President's Daily Brief 1969-1977
• Document Number (FOIA) /ESDN (CREST): 0006007616
• Release Decision: RIPPUB
• Original Classification: T
• Document Page Count: 16
• Document Creation Date: August 14, 2016
• Document Release Date: August 24, 2016
• Publication Date: December 7, 1973

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The President's Daily Brief
7 December 1973
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Exempt from general
declassification uhedule of E.O. I I652
exemption category 5t1( I ),(2),(3)
declassified only on approval of
the Director of Central Intelligence
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THE PRESIDENT'S DAILY BRIEF
7 December 1973
PRINCIPAL DEVELOPMENTS 25X1
Israel
(Page 1)
The Kuwait Oil Company has agreed to let the Kuwaiti
Government buy 60 percent of the company; negotia-
tions for a new agreement between ARAMCO and the
Saudi Government are expected soon. (Page 3)
Kore
(Page 4)
The oil crisis contributed to the indecisive out-
come of the EC foreign and finance ministers meet-
ings earlier in the week. (Page .5)
Notes on the coming Venezuelan elections, on the
continuing political impasse in Turkey, and on in-
creasing activism among South Vietnam's An Quang
Buddhists appear on Page 6.
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ARAB STATES - ISRAEL
The US defense attache in Tel Aviv reports that
for the first time in three weeks antiaircraft artil-
lery has been observed around the city.
In Egypt, Chief of Staff-Shazli told Newsweek.
editor De Borchgrave on _Wednesday that he believes
"matters will remain the -same" on the front until
after the Israeli election. on December 31 unless
the Israelis launch an offensive. He said the Egyp--
tian Army is ready for such an attack and is not
"wasting its time" during the current diplomatic.
impasse, claiming that the. present situation along
the front favors the Egyptians He asserted that
the made up theEgyptian equipment
losses resulting from the mar, but no more.
At least one Egyptian aircraft was downed yes-
terday afternoon in an engagement between Israeli
and Egyptian fighters near Zafaranah on the Egyptian
gulf coast. The Israelis claim that an air-to-air
missile from one of their Phantoms destroyed one
of the four MIG-218 involved, and they think that
the MIGs were piloted by North Koreans.
(continued)
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The Egyptians have shown increased concern
about the US 7th Fleet elements recently in the
Gulf of Aden. The Cairo press has termed the naval
movements an attempt to put pressure on the Arabs,
and Foreign Minister Fahmi has said that the move-
ments pose difficulties for his efforts to improve
US-Egyptian relations.
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INTERNATIONAL OIL
? The Kuwait Oil Company, a partnership of Gulf
Oil and British Petroleum, has agreed to let the
Kuwaiti Government buy 60 percent of the company.
KOC is hoping to continue negotiating on other as-
pects of the government proposal, such as compensa-
tion for company assets, the amount and price of
government oil sold back to the company, and the
demand for increasing government ownership to 100
percent.
The .terms of the latest participation proposals,
however, will probably be .debated at length in the
Kuwait National Assembly, where there is sentiment
for nationalizing KOC now.
Saudi Arabia too wants to revise its participa-
tion agreement, and negotiations are expected to be-
gin soon. 'Kuwait and Saudi Arabia are almost cer-
tainly coordinating their efforts-. Saudi Oil Minis-
ter Yamanifrecently indicated that .his government
will demand More than 51-percent ownership of ARAMCO
in the coming negotiations. Abu Dhabi and Qatar
will probably follow the Saudi lead as they have
during previous negotiations.
*
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KOREA
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EUROPEAN COMMUNITIES
The oil crisis dominated the separate meetings
of the EC foreign and finance ministers held earlier
this week. Although oil concerns were not always
the major factor in the lack of progress, they con-
tributed to the indecisive outcome of the meetings.
In summary:
--Little progress was made in resolving differ-
ences on the establishment of a regional devel-
opment fund.
--A decision was made to put off negotiations
on association with the Mediterranean states.
--The finance ministers failed to deal posi-
tively with various Commission proposals on
economic and monetary union.
Both the community bureaucracy and the various
national representatives are discouraged by the lack
of progress, and the summit of the Nine in Copen-
hagen next week will need to restore a sense of
direction to the EC.
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NOTES
Venezuela: The two major presidential candi-
dates, DemoCratic Action's Carlos Andres Perez and
the governing Social Christian Party's Lorenzo Fer-
nandez, appear to be in an extremely close race in
this Sunday's elections. Whichever man wins, he will
head a minority government and therefore need to se-
cure the backing of someHof the small parties, such
as the new Marxist Movement to Socialism. The in-
coming administration can be expected to be even
more nationalistio than President Caldera's, espe-
cially on the oil issue; the Venezuelans believe
time is on their side in dealing with importing
countries.
Turkey Political leaders are still unable to
form a government nearly seven weeks after inconclu-
sive elections. Earlier this: week. President Koruturk
for the first time said that the impasse was "verging
on a crisis!' and called for either a coalition of the
two major parties or a national coalition of all
groups. He has asked the parties to reply after as-
sessing the results of local elections scheduled for
Sunday. Koruturk alluded to the "interest" Of the
military in the government
South Vietnam: The An Quang Buddhists, who
have maintained a very low profile since the January
cease-fire, next week will hold a national congress
which is expected to oust some of the most moderate
elements from key positions. The new leadership
will likely increase the level of Buddhist political
activity, but probably will not resume the disruptive
actions of the -mid-1960s.
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