Oil giants have agreed to shed gas stations and terminals.
Published:
24 January 1999 y., Sunday
The Federal Trade Commission conditionally paved the way for British Petroleum Co. and Amoco Corp to join forces in a $49 billion merger that would spawn the world_s third-largest oil company, with daily production of about 3 million barrels. In a statement Wednesday, the FTC said the oil giants had agreed to a regulatory settlement under which the companies will spin off 134 gasoline stations and nine petroleum terminals, and give 1,600 independent gas stations the option of switching brands. The new BP/Amoco (AN) entity would rank third in size among the world_s oil monoliths, behind the proposed Exxon Corp. (XON)-Mobil Corp. (MOB) giant and Royal Dutch/Shell Group. But the combination will offer up some world-beating credentials in its own right: the marriage between BP-Amoco will form an energy conglomerate with a market capitalization of $140 billion. The new company, to be called BP Amoco Plc, will also be Britain_s largest corporation. The combined unit will boast oil and gas equivalent reserves of nearly 15 billion barrels. The companies have set a tentative target of at least $2 billion in annual pre-tax earnings by the end of 2000.
Šaltinis:
CNN
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
In European sustainable energy week 2010, new EU energy commissioner presents strategy to reduce Europe’s dependence on fossil fuel.
more »
The EBRD is launching a Project Complaint Mechanism, which is expected to enhance the accountability and transparency of the Bank’s operations.
more »
The EBRD is boosting the availability of local currency financing in Armenia with a synthetic loan in Armenian Drams (AMD) worth $4 million to FINCA UCO CJSC for on-lending to local micro and small enterprises (MSEs).
more »
This year is the UN year of biodiversity and it brings endangered species into the spotlight.
more »
The World Bank Board of Directors today approved a US$65 million project to support the recovery of Haiti’s critical infrastructure as well as the reestablishment of basic State functions following the devastating 7.0 magnitude earthquake on January 12, 2010.
more »
Haiti’s arduous reconstruction and recovery process jolted forward today following fresh commitments to help the Caribbean nation rebuild in the wake of its devastating January 12 earthquake.
more »
A mission from the African Department of the International Monetary Fund (IMF) visited Uganda during March 4-17, 2010, to conduct the seventh and final review under Uganda’s Policy Support Instrument (PSI) and reach understandings on a policy framework for a new three-year PSI to cover the period 2010 to 2013.
more »
The European Economic and Social Committee (EESC), as the first EU institution, rose to the challenge of providing a comprehensive vision for the future of the Common Agriculture Policy (CAP), in advance of the European Commission's papers on the matter, due to be issued later this year and in 2011.
more »
The outlook for primary energy supplies, heat, and electricity is questionable for the Eastern Europe and Central Asia region, despite Russia and Central Asia’s current role as a major energy supplier to both Eastern and Western Europe.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 36-month, SDR 513.9 million (about US$790 million) Stand-By Arrangement (SBA) for El Salvador to help the country mitigate the adverse effects of the global crisis.
more »