dispose of

[pars]

Hi! What is the exact meaning of the following passage? It as about an agreement on oil, but the original text is a political telegram dating back to 1953, from which, sometimes words are omitted. (in the original text, not by me)

"Bank would dispose of oil by contract at own discretion probably direct to international companies individually who now operate in Middle East and cutting back production that area proportionately."

Thanks very much.

 

[emsr2d2]

Pars, please make sure you make the text from the telegram stand out more from the rest of your post. I have edited post #1, adding a line break before and after the text, and putting quotation marks around the relevant text.
Please follow that style in any more of the excerpts you post. Thanks.