Word: petrofina
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Dates: during 1960-1969
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Last week the Gas Council, with an obvious advantage in the bargaining, won its point. The council signed its first major sales agreement with a consortium headed by Phillips Petroleum of the U.S. and including Petrofina of Belgium, Italy's state-owned oil company AGIP, and a string of individual British investors. In 1969, the Phillips group will begin pumping natural gas ashore from its field at Hewett Bank, 20 miles off the East Anglican coast, under a 25-year contract that calls for a buildup to 350,000,000 cu. ft. daily by the seventh year...
...although its sales in the past ten years have risen 64% , to $630 million, gas wars and short supplies of Pure-produced crude have cut earnings to a disappointingly steady $30 million. Plenty of wooers have tried the hill but slipped on Pure's fussy terms: Atlantic Refining, Petrofina, Hercules Powder, a syndicate comprised of Loeb, Rhoades, Allied Chemical and Consolidation Coal, and a group that includes DuPont family members. Last week someone finally seemed to be reaching the hilltop. Pure's board voted to carry on merger negotiations with California's Union...
Several of the also-rans did impressively well. The fastest sales increases were made by American Petrofina, up 114.8%, and by Iowa Beef Packers, whose 114.6% gain was due largely to increased capacity. Amerada Petroleum, in 355th place, had the highest profit margin for the sixth consecutive year-30.2% of sales-thanks largely to its low overhead. When it came to return on invested capital, Avon led with 34.3%, followed closely by Gillette's 34.1%, General Dynamics 32.2%, Smith Kline & French's 30.9% . On the average, the 500 earned better than 6% on sales and 9% on invested...
...hopes to attract another $160 million from such sources as the World Bank and the Latin American moneymen, who are normally wary of investing in their own homelands. So far, a dozen firms have pledged up to $500,000 each, including Italy's Fiat, Belgium's Petrofina, Switzerland's Swiss Bank Corp., a Japanese consortium, and the U.S.'s IBM and Standard...
...recent spectacular coup in the Congo, Boldrini shut out four bitter competitors-Texaco, Mobil, Shell and Belgium's Petrofina. E.N.I. landed a $13 million contract to build the only refinery in the Congo, and the four rivals will have to buy from it to supply their gas stations. Their severe protests have so irritated the Congo government that Prime Minister Cyrille Adoula last week threatened to expel two complaining Shell and Petrofina executives...