Word: petrofina
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...response to the company's critics?" A lot of people - inside and outside business - are wondering the same thing. Welcome to Big Oil's latest innovation: the ethics road show. Total, one of the world's top five oil companies - formed by Total's 1999 merger with Belgium's Petrofina and then with French rival Elf Aquitaine - is bringing this traveling philosophy seminar to its subsidiaries in 35 countries across the world, from Angola to Belgium. (It will make a stop in the U.S. next year.) The goal is to drive home to managers everywhere that Total, with $122 billion...
...into implementing and monitoring the new anticorruption laws. Elf itself is no longer the cozy handmaiden of the French state it once was; it has been privatized by the French government and is now part of TotalFinaElf, the result of mergers among France's Total and Elf and Petrofina of Belgium. The firm is trying to keep a low profile while the trial continues, and senior management isn't commenting. Still, it's a sign of the times that the corporation recently put in place audit controls to detect possible corrupt payments and is implementing a code of ethical conduct...
...embargo discourage investment in new refineries because the return on investment is too low when compared with that produced by other operations. As supplies diminish, more and more oil firms are limiting deliveries of both leaded and unleaded to dealers. Two weeks ago Texaco joined American Petrofina and Phillips Petroleum in allocating supplies, and last week Chevron sought Government permission to take similar steps. Says Texaco Vice President Annon Card: "If demand keeps going up, we'll have even greater problems as we get closer to the peak driving season...
...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...
...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...