 This 50/50 deal accorded the American oil companies a tax break equivalent to 50% of their profits on oil sales, with the other 50% to be diverted to King Ibn Saud via the US Treasury.The King agreed to this 50/50 splitting of Aramco's oil profits instead of nationalizing Aramco's oil facilities on Saudi soil.Venezuela eventually led the effort in forming OPEC and Saudi Arabia gained full control of Aramco by 1980.