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ARAB OIL TO TEXAS
In about three weeks contracts will be signed for delivery of Saudi Arabia oil to Baltex Oil and Gas Corporation in Malakoff in East Texas. W.Page Ballard, president of Baltex, says t contract involves 30-million barrels of crude oil and refined gasoline per month for five years. Cost of the crude will be between 9 and 10 dollars a barrel F-O-B the Persian Gulf. Ballard said his firm worked out the agreement through a Malaysian bank. br Ballard also said the action confirmed his end prediction the Arab oil embargo woul soon and added, "...it shows the policies of President Nixon and Secretary of State Kissinger are very rood for the country and will help lessen the energy crisis in this country." The Baltex Corporation is an oil and gasoline importer and has some domestic prod- uctlon in East Texas.