Partex

Partex Oil and Gas (Holdings) Corporation is an oil company which is fully owned by the Calouste Gulbenkian Foundation, from Lisbon, Portugal.

Prior to the First World War, Calouste Gulbenkian was the entrepreneur behind the formation of the Turkish Petroleum Company which, after many vicissitudes, became the Iraq Petroleum Company in which he held a 5% interest (becoming known as Mr. Five Percent as a result). The contract between Royal Dutch Shell, Anglo Persian (now BP), Compagnie Française des Pétroles (now Total), Near East Development Company (ExxonMobil) and Calouste Gulbenkian was signed in July 1928. At the same time the partners undertook to work together within the boundaries of the former Ottoman Empire - the Red Line Agreement. This agreement had a fundamental influence on the future development of the oil reserves in the Middle East and led directly to the Partex Oil and Gas Group's present interests in the United Arab Emirates and the Sultanate of Oman.

In 1938, before the beginning of the Second World War, Calouste Gulbenkian incorporated in Panama a company to hold his assets in the oil industry. It was Participations and Explorations Corporation from which came the name Partex.

Calouste Gulbenkian spent the final years of his life in Lisbon, Portugal, where he died in 1955. In his will, he left his oil interests and his art collection to a foundation, which was to be based in Lisbon, Portugal - the Calouste Gulbenkian Foundation

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