Word: petrofina
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Dates: during 1970-1970
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...least nine huge U.S. corporations are foreign-controlled. The Netherlands-British Royal Dutch/Shell Group controls 69% of Shell Oil; Belgium's Petrofina owns two-thirds of American Petrofina; AKU of The Netherlands controls American Enka; The Netherlands-British Unilever owns both Lever Brothers and Thomas J. Lipton; Distillers Corp.-Seagrams of Canada has Joseph E. Seagram; Italy's Olivetti company is outright owner of Olivetti Underwood; the Swiss Nestle Co. holds one-third of Libby, McNeill & Libby, and Canada's George Weston Limited has 57% of National...
...Ekofisk 2-X well may be capable of producing 10,000 bbl. of oil per day, though company men on the scene hope that further drillings in the immediate area will raise the figure for the whole field to 300,000 bbl. a day. One of Phillips' partners, Petrofina S.A., a Belgian oil company that owns 30% of the venture, estimated that the entire Ekofisk oilfield contains "approximately 7.5 billion barrels." If true, that would be four times greater than the present known reserves in all of Europe and would put the field in the same league with Alaska...
...European oilmen share Petrofina's enthusiasm. Royal Dutch Shell, which is exploring its own leases in the North Sea, found the estimate a "complete exaggeration." British Petroleum was "slightly surprised" by the find, but an official admitted it was unlikely that Phillips would exaggerate or overestimate. Neither Shell nor B.P. sees North Sea production seriously competing with cheaply transported Middle Eastern crude soon...