Word: petrofina
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Tourists driving through Eastern Canada this summer will spot new blue-and-white service stations at many a crossroad and street corner. They are the gas and oil outlets of Canadian Petrofina, an aggressive subsidiary of La Compagnie Financière Beige des Pétroles, which broke into the market only three years ago and has already moved from nowhere to fourth place (behind Imperial, British American, and Shell) among Canada's 19 gas and oil distributors...
...Petrofina, which has extensive holdings in Africa, Mexico and the Middle East, was invited into Canada by a veteran Canadian oilman, Alfredo Campo, 51, who is now Canadian Petrofina's president. Campo was sales manager for another big company (McColl-Frontenac) when he decided to set up his own firm in 1953. He tried to raise capital in Canada but failed to interest any of his fellow countrymen. Said Campo philosophically: "Canadians are too cautious." Finally, he got in touch with Petrofina's head office in Brussels and negotiated the backing...
...Canadian Petrofina set up its first office in a one-room Montreal apartment, opened its first service station late in 1953. Since then, the company has opened 1,500 stations in Eastern Canada and is currently building new ones at the rate of three every two days, aiming for a total of 2,200 by the end of this year. Capitalized at $25 million when it began, Canadian Petrofina is now worth around $130 million. Its stock, sold for $10 in 1953, is now quoted at $29 a share...
BELGIUM'S PETROFINA will move into U.S. oil industry by paying $25 million for independent Texas oil producer Panhandle Oil Corp. Petrofina, Belgium's biggest oil company and owner of a $125 million Canadian subsidiary, will be first European concern to buy U.S. oil properties outright since World...
...Petrofina did not move into Canada until 1950, after Alberta's oil boom was well under way. Since then the company has spent millions to build refineries and filling stations, and to buy up Alberta oil lands. Western Leaseholds is one of Alberta's soundest companies, with 160 producing wells and drilling rights on some 2,400,000 acres of oil land. The deal was fabulously profitable for Lawyer Harvie. More than 20 years ago, a bankrupt client gave him the then-worthless rights to the best part of the land in payment of a legal fee. Harvie...