Word: petrofina
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Dates: during 1950-1959
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...Carte. A portable gasoline station for shopping-center parking lots was demonstrated by American Petrofina Inc. in Oklahoma City. The battery-powered, 10½-ft.-long cart pumps two grades of gas from two tanks with a 300-gal. capacity, sells oil, dispenses air for tires, water for batteries and radiators...
Operation in the doldrums is nothing new to Petrofina (full name: Compagnie Financiere Beige des Petroles). Says Managing Director Laurent Wolters in Brussels: "We consider that the time to buy is when things are bad, because you can get them at a reasonable price. Industry-wise, the situation is dreadful, but our situation is good." On a global level, the policy has worked well. Stripped of almost everything but its name after World War II, when the Communists nationalized its Rumanian oilfields, Petrofina swapped its license to refine in France with British Petroleum for a guaranteed supply of crude, revitalized...
...Petrofina came into the U.S. by way of Canada. There, in 1950, it set up a production company, and in 1953 established Canadian Petrofina, which rapidly ran its assets up to more than $150 million, fully integrated from undeveloped leases to new gas stations (TIME, July 9, 1956), moved into fourth place (behind Imperial, British American and Shell) among Canada's gas and oil distributors...
...affiliate. With initial capitalization of $38 million, chiefly from U.S. investors, American Petrofina, which is controlled by the Belgian parent company through its control of the board of directors, bought control of Texas' Panhandle Oil for $25 million in 1956, and in 1957 picked up Texas' American Liberty Oil Co. for about $32 million...
...been spectacular, earnings have been moderate; 1957 will show a net of $1.5 million on a gross of $45 million, and U.S. oilmen are watching the bumptious newcomer with some skepticism. But confident Harry Jackson, a veteran of 34 years with Tidewater and manager of its Eastern division when Petrofina hired him in 1956, plans to continue expanding...