Excerpt from The Caucasian Petroleum, Industry and Its Importance, for Eastern Europe and Asia
In the following description of the Caucasian Petroleum Industry we have endeavoured to give a short historical sketch of the development of this industry, which occupies the second important position in the world. Its potentialities are unlimited and its exploitation in the past was greatly hampered. Petroleum as a fuel for modern industry is occupying a very prominent position and it is getting more and more difficult to supply the ever increasing demands.
The geographical position of the Caucasian oilfields justifies the expectation that it will play an enormous part in the development of local industries in the wide areas of the Middle East, and the local needs will be so great that export abroad will be curtailed. The Middle and Near East, with its unlimited natural wealth, has all the conditions for creating huge industries, and the wide fields of Asia and enormous population will be a ready market for the products of those industries.
The native element has a huge capital invested in that industry, native labour is already predominant in its exploitation and, with normal conditions for its development, will provide ample ground for foreign investors.
Petroleum is also going to play an important part in the running of very extensive railway lines which are going to be constructed throughout the whole of Western Asia. Such expectation is the more justified by the experiences gained on the Transcaucasian railways which, from the very beginning of their construction, have used crude oil as fuel.
The present and potential value of the Caucasian Petroleum Industry runs into several thousand million pounds.
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