BP Amoco

BP Amoco

British Petrochemical Corporation registered
on April 14, 1909, as the Anglo-Persian Oil Company, Ltd. It was named
the Anglo-Iranian Oil Company, Ltd., in 1935 and changed its name to the

British Petroleum Company Limited in 1954. The current name was adopted
in 1982. The company’s headquarters are in London. The Anglo-Persian Oil

Company was formed in 1909 to take over and finance an oil-field concession
granted in 1901 by the Iranian government to an English investor, William

Knox D’Arcy. (Britannica)

In 1914 the British government became
the company’s principal stockholder and over the years was usually the
largest single stockholder. Effective January 1, 1955, British Petroleum
became a holding company. In the beginning of the 1977 the British government
reduced its ownership of BP by selling shares to the public, and in the
late 1980s the government turned over BP entirely to private ownership
by selling its remaining shares of the company. In 1987 BP acquired the
remainder of the Standard Oil Company for almost $8 billion reinforcing
its position as one of the largest oil companies in the world.

Amoco Corporation formerly Standard

Oil Company, American petroleum corporation, was founded in 1889 by the

Standard Oil trust to direct the refining and marketing of oil in the Midwestern
states. The company’s first refinery, outside Whiting, Ind., produced fuel
oil, kerosene, and other petroleum products. Around 1910 Standard Oil developed
the cracking process, which became the most important method fro producing
gasoline from petroleum. In 1911 the U.S. Supreme Court dissolved the nationwide

Standard

Oil trust, and Standard Oil (Indiana)
became independent. Its headquarters are in Chicago. (Britannica)

In the 1920 Standard Oil acquired
partial interest in companies that owned Midwestern oil fields and pipeline
networks in order to add production to its refining and marketing operations.

In the 1950s Standard Oil became active in oil exploration and production
ventures in South America and the Middle East. In 1961 most of the company’s

U.S. operating activities were unified in the American oil company, for
which Standard Oil (Indiana) served as a holding company. The byname Amoco
was increasingly used as a brand and corporate name. In 1985 the Standard

Oil Company (Indiana) became officially the Amoco Corporation.

On December 30,1998, BP and Amoco
confirmed that the US Federal Trade Commission (FTC) has granted regulatory
approval for the merger of the two companies and that completion of the
deal will take place at year-end. Both companies agreed to intend to close
the transaction shortly after 2100 hours London time on December 31, 1998,
when Amoco’s stock will leave the Standard & Poor 500 and the shares
of the merged group, BP Amoco p.l.c., will be listed on the London Stock

Exchange. With a market capitalization of more than $140 billion, BP Amoco
p.l.c. is the Britain’s biggest company and one of the world’s top three
oil majors.

"We aim to play a leading role in meeting
the world’s needs for oil, gas, solar power and petrochemicals without
damaging the environment."

BP AMOCO’S WORLD

The BP Amoco group stands out as
a complete provider of energy and petrochemicals. Every day they serve
millions of customers with products to the quality of their lives – fuel
for transport, energy for heat and light, solar power, and petrochemicals
for plastics, fibres and fabrics. Explorers from Amoco and BP have led
the way in finding the world’s giant oil and gas fields and getting energy
to the world’s marketplace. According to Larry Fuller and Peter Sutherland,
co-chairmen, the meeting the demand of energy calls for a blend of outstanding
human and technical skills, sophisticated global organization and two-way
relationships with local communities, customers, contractors, partners,
government and employees. BP Amoco’s aim is to be successful in everything
they do by delivering outstanding performance.

Their business is about discovery
– about finding, producing and marketing the natural energy resources on
which the modern world depends. Their sales revenues, market value, and
oil and gas reserves make BP Amoco one of the three largest integrated
energy companies in the world. They operate in one hundred countries on
six continents. Each day they generate almost three million barrels of
oil equivalent production, of which sixty-five percent is oil and thirty-five
percent natural gas. They have well-established operations in Europe, North
and South America, Australia and much of Africa.

BP Amoco is distinguished by the
financial resources to operate on a global scale, the technical capacity
to seize opportunities, and a flexible management structure. The core of
their business is a world-class set of assets. In Britain they are the
largest producer of oil and gas from the North Sea and West of Shetland.

In the United States they are one of the largest producers