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BP

This article is about the corporation known as BP. See also BP (disambiguation)

BP (formerly "British Petroleum" and briefly known as "BP Amoco") LSE: BP, NYSE: BP is a petroleum company headquartered in London, and one of the top four oil companies in the world (along with Shell, ExxonMobil, and Total).

In December 1998, BP merged with the American Oil Company (Amoco), forming "BP Amoco". However, this move was widely viewed as a purchase of Amoco by BP, only officially described as a merger for legal reasons. Indeed, after a single year of joint operations, the two giants merged most operations and "Amoco" was dropped from the name. The newly-renamed "BP" became an initialism no longer standing for "British Petroleum", and used the tagline "Beyond Petroleum" in advertising campaigns (this perhaps to disguise the company's foreign ownership after its extensive acquisitions and increased presence in the United States, as British Aerospace became "BAE Systems" for similar reasons). Its BP Solar division has become a world-leading producer of solar panels.

BP is the leading partner in the controversial Baku-Tbilisi-Ceyhan pipeline.

History

1909 - 1955

In May 1901, William Knox D'Arcy was granted a concession by the Shah of Persia to search for oil, which he found in May 1908. This was the first commercially significant find in the Middle East. In 1909, the Anglo-Persian Oil Company was created to exploit this find. The company grew slowly until World War I when its strategic importance led the British Government to acquire a controlling interest in the company and it became the Royal Navy's chief source of fuel oil during World War I.

In 1917, the war allowed it to take the British arm of the German Europäische Union, which used the trade name British Petroleum. After the war ended the company, in which the British Government now had a 51% interest, moved to secure outlets in Europe and elsewhere. but its main concern was still Persia, following the Anglo-Persian Agreement of 1919 the company continued to trade profitably in that country.

In 1931, partly in response to the difficult economic conditions of the times, BP merged their marketing operations in the United Kingdom (only) with those of Shell-Mex Ltd to create Shell-Mex and BP Ltd a company that continued to trade until the Shell and BP brands separated again in 1975.

There was growing dissent within Persia however at the imperialist and unfair position that APOC occupied. In 1932, the Shah terminated the APOC concession. The concession was resettled within a year, covering a reduced area with an increase in the Persian government's share of profits. Persia was renamed Iran in 1936 and APOC became AIOC, the Anglo-Iranian Oil Company.

Following the turmoil of World War II, AIOC and the Iranian government resisted nationalist pressure to come to a renewed deal in 1949. In March 1951, the pro-western Prime Minister Ali Razmara was assassinated and in April, a bill was passed nationalising the oil industry and the AIOC and the Shah were forced to leave the country.

The AIOC took its case against the nationalisation to the International Court of Justice at The Hague, but lost the case. However the governments of Britain and the US were concerned about the encroachment of Soviet influence in the area and assisted in a plot against the Iranian administration. They installed pro-Western General Fazlollah Zahedi as prime minister of Iran.

On August 19, 1953, the incumbent Prime Minister, Mohammed Mossadeq, was forced from office and replaced by Zahedi and the Shah was recalled. The AIOC became The British Petroleum Company in 1954, and briefly resumed operations in Iran with a forty per cent share in an new international consortium. BP continued to operate in Iran until the Islamic Revolution. However, due to a large investment programme outside Iran, the company survived the loss of its Iranian interests at that time.

1960s and 1970s

The BP logo used from 1989 to 2002.

From the late 1960s the company looked beyond the Middle East to the USA (Prudhoe Bay, Alaska) and the North Sea. Both of these fields came on stream in the mid-1970s transforming the company and allowing BP to weather the OPEC-induced oil price shocks of 1973 and 1979. In 1969, BP acquired the Valdez oil terminal, Alaska, from the Chugach for $1. Some natives contend that this was an illegal transfer.

In the mid-1970s, BP acquired Standard Oil of Ohio or Sohio.

1980s and 1990s

BP filling station

P.I. Walters (later Sir Peter Walters) was BP's chairman from 1981 to 1990. Walters promoted a movement to deintegrate company operations based solely upon economic considerations: "For me, there is no strategy that is divorced from profitability," he once remarked. Under his chairmanship British Petroleum led the oil industry away from an era dominated by vertical integration and the supply planning this required toward a corporate culture that emphasised trading and decentralisation (Daniel Yergin, The Prize [Simon & Schuster, 1991], pp. 722-23).

In 1987, British Petroleum acquired Britoil and those shares of Standard Oil of Ohio (Sohio) not already owned. In 1994, BP and Petroleos de Venezuela SA (PDVSA) began marketing Orimulsion®, a bitumen-based fuel. John Browne, Lord Browne of Madingley, who had been on the board as managing director since 1991, was appointed group chief executive in 1995.

Present

Chief Scientist of BP, Steven Koonin (top right, with computer), speaks about the energy scene in the boardroom in 2005.

British Petroleum merged with Amoco (Formerly Standard Oil of Indiana), in December 1998, becoming BPAmoco until 2002, when it was renamed BP, with no meaning given to the letters. Most Amoco gas stations in the United States are in the process of changing the look and name to BP. However in some states, BP is selling Amoco-branded gasoline (while the name of the station itself is BP). In 2000, British Petroleum also acquired Arco (Atlantic Richfield Co.) and Burmah Castrol plc.


On March 23, 2005, an explosion occurred at a petroleum refinery in Texas City, Texas, that belonged to BP. It is the third largest refinery in the United States and one of the largest in the world, processing 433,000 barrels of crude oil per day and accounting for 3% of that nation's gasoline supply. Over 100 were injured, and 15 were confirmed dead, including employees of the Fluor Corporation as well as BP. BP has since accepted that its employees contributed to the accident by leaving octane for petrol unit unsupervised. The pressure in the units then reached unsustainable levels leading to the explosion. [1]

BP America, the United States arm of BP, was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine.

Image

Solar panel made by BP Solar

In 2002 the company was renamed BP, with no meaning given to the letters. Its new slogan, "Beyond Petroleum", was accompanied by the rebranding of its famous "Green Shield" logo in favour of the helios symbol (a green and yellow sunburst) to emphasise the company's focus on environmentally friendly fuels and alternative energy. This is intended to move BP away from the negative environmental image of most oil companies.

BP is a leading producer of solar panels since its purchase of Lucas Energy Systems in 1980 and Solarex (as part of its acquisition of Amoco) in 2000. BP Solar had a 20% world market share in photovoltaic panels in 2004 when it had a capacity to produce 90 MW/year of panels. It has over 30 years experience operating in over 160 countries with manufacturing facilities in the U.S., Spain, India and Australia and has more than 2000 employees worldwide.

In February 2002 BP's chief executive, Lord Browne, renounced the practice of corporate campaign contributions, noting: "That's why we've decided, as a global policy, that from now on we will make no political contributions from corporate funds anywhere in the world." [2]

In March 2002 BP's chief executive, Lord Browne, declared in a speech that global warming was real and that urgent action was needed, saying that "Companies composed of highly skilled and trained people can't live in denial of mounting evidence gathered by hundreds of the most reputable scientists in the world.".[3] In 2005 BP was considering testing carbon sequestration in one of its North Sea oil fields, by pumping carbon dioxide into them (and thereby also increasing yields).[4]

In 2004, BP began marketing low-sulphur diesel fuel for industrial use. BP is committed to creating a network of hydrogen fuelling station in the state of California.

However, BP's image has been tarnished somewhat by its involvement with the controversial Baku-Tbilisi-Ceyhan pipeline, criticised for human rights abuses, environmental and safety concerns.


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However, BP's image has been tarnished somewhat by its involvement with the controversial Baku-Tbilisi-Ceyhan pipeline, criticised for human rights abuses, environmental and safety concerns. Following the reunification of Germany, BASF acquired a site in Schwarzheide, eastern Germany, on October 25, 1990. BP is committed to creating a network of hydrogen fuelling station in the state of California. Following a change in corporate strategy in 1965, greater emphasis was placed on higher-value products such as coatings, pharmaceuticals, crop protection agents and fertilizers. In 2004, BP began marketing low-sulphur diesel fuel for industrial use. In the 1960s, the production abroad was expanded and plants were built in Argentina, Australia, Belgium, Brazil, France, United Kingdom, India, Italy, Japan, Mexico, Spain and the United States. In March 2002 BP's chief executive, Lord Browne, declared in a speech that global warming was real and that urgent action was needed, saying that "Companies composed of highly skilled and trained people can't live in denial of mounting evidence gathered by hundreds of the most reputable scientists in the world.".[3] In 2005 BP was considering testing carbon sequestration in one of its North Sea oil fields, by pumping carbon dioxide into them (and thereby also increasing yields).[4]. BASF developed polystyrene (Styropor®) in 1951.

In February 2002 BP's chief executive, Lord Browne, renounced the practice of corporate campaign contributions, noting: "That's why we've decided, as a global policy, that from now on we will make no political contributions from corporate funds anywhere in the world." [2]. With the German economic miracle in the 1950s, BASF added synthetics such as nylon to its product range. It has over 30 years experience operating in over 160 countries with manufacturing facilities in the U.S., Spain, India and Australia and has more than 2000 employees worldwide. In 1952, BASF was refounded under its own name. BP Solar had a 20% world market share in photovoltaic panels in 2004 when it had a capacity to produce 90 MW/year of panels. On July 28, 1948 an explosion in which 207 people died occurred in Ludwigshafen. BP is a leading producer of solar panels since its purchase of Lucas Energy Systems in 1980 and Solarex (as part of its acquisition of Amoco) in 2000. The allies dissolved IG Farben in November 1945.

This is intended to move BP away from the negative environmental image of most oil companies. The Ludwigshafen site was almost completely destroyed during the Second World War and was subsequently rebuilt. Its new slogan, "Beyond Petroleum", was accompanied by the rebranding of its famous "Green Shield" logo in favour of the helios symbol (a green and yellow sunburst) to emphasise the company's focus on environmentally friendly fuels and alternative energy. Following the appointment of Adolf Hitler as Chancellor in 1933, IG Farben cooperated with the Nazi regime, profiting from guaranteed volumes and prices and from the forced laborers provided by the government. In 2002 the company was renamed BP, with no meaning given to the letters. In 1935, the BASF and AEG presented the magnetophone – the first tape recorder – at the Radio Exhibition in Berlin. BP America, the United States arm of BP, was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine. Rubber, fuels and coatings were added to the product range.

[1]. Under the leadership of Carl Bosch, BASF founded IG Farben together with Hoechst, Bayer and three other companies, thus losing its independence. The pressure in the units then reached unsustainable levels leading to the explosion. This was the biggest catastrophe in German industry. BP has since accepted that its employees contributed to the accident by leaving octane for petrol unit unsupervised. On September 21, 1921, an explosion occurred in Oppau, killing 565 people. Over 100 were injured, and 15 were confirmed dead, including employees of the Fluor Corporation as well as BP. As a result of this monopoly, BASF was able to start operations at a new site in Leuna in 1916, where explosives were produced during the First World War.

It is the third largest refinery in the United States and one of the largest in the world, processing 433,000 barrels of crude oil per day and accounting for 3% of that nation's gasoline supply. The development of the Haber-Bosch process from 1908 to 1912 made it possible to synthesize ammonia, and in 1913 BASF started a new production plant in Oppau, adding fertilizers to its product range.
On March 23, 2005, an explosion occurred at a petroleum refinery in Texas City, Texas, that belonged to BP. Industrial production meant that the price could be cut drastically, and one effect was to make jeans affordable work clothes. In 2000, British Petroleum also acquired Arco (Atlantic Richfield Co.) and Burmah Castrol plc. Until this time, indigo was extracted from plants and was expensive. However in some states, BP is selling Amoco-branded gasoline (while the name of the station itself is BP). In 1867, research into synthesis of the dye indigo was successfully concluded.

Most Amoco gas stations in the United States are in the process of changing the look and name to BP. BASF was founded in Mannheim, Germany, by Friedrich Engelhorn in 1865 for the production of dyes. British Petroleum merged with Amoco (Formerly Standard Oil of Indiana), in December 1998, becoming BPAmoco until 2002, when it was renamed BP, with no meaning given to the letters. In Central and Eastern Europe, Wintershall works with its Russian partner Gazprom. John Browne, Lord Browne of Madingley, who had been on the board as managing director since 1991, was appointed group chief executive in 1995. BASF explores for and produces oil and gas through its subsidiary Wintershall AG. In 1994, BP and Petroleos de Venezuela SA (PDVSA) began marketing Orimulsion®, a bitumen-based fuel. Products from this segment include fungicides, pesticides, herbicides, vitamins, pharmaceutical active ingredients and UV absorbers for sun creams.

In 1987, British Petroleum acquired Britoil and those shares of Standard Oil of Ohio (Sohio) not already owned. In the field of plant biotechnology, BASF is concentrating on solutions for effective agriculture, healthier nutrition and plants to make products more efficiently. 722-23). BASF is a supplier of agricultural products and fine chemicals for agriculture and animal nutrition, and for the pharmaceutical, food and cosmetic industries. Under his chairmanship British Petroleum led the oil industry away from an era dominated by vertical integration and the supply planning this required toward a corporate culture that emphasised trading and decentralisation (Daniel Yergin, The Prize [Simon & Schuster, 1991], pp. Customers are the automotive, oil, paper, packaging, textile, sanitary products, detergents, construction materials, coatings, printing and leather industries. Walters promoted a movement to deintegrate company operations based solely upon economic considerations: "For me, there is no strategy that is divorced from profitability," he once remarked. These include raw materials for detergents, textile and leather chemicals, pigments and raw materials for adhesives.

Walters (later Sir Peter Walters) was BP's chairman from 1981 to 1990. BASF produces a range of performance chemicals, coatings und functional polymers. P.I. BASF’s polyurethanes have very diverse uses worldwide. In the mid-1970s, BP acquired Standard Oil of Ohio or Sohio. Engineering plastics are sold to injection molders in a variety of industries. Some natives contend that this was an illegal transfer. BASF is the international leading producer of styrenics.

In 1969, BP acquired the Valdez oil terminal, Alaska, from the Chugach for $1. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries. Both of these fields came on stream in the mid-1970s transforming the company and allowing BP to weather the OPEC-induced oil price shocks of 1973 and 1979. BASF produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, basic petrochemicals and inorganic chemicals. From the late 1960s the company looked beyond the Middle East to the USA (Prudhoe Bay, Alaska) and the North Sea. Its business is organized in the segments Chemicals, Plastics, Performance Products, Agricultural Products & Nutrition and Oil & Gas. However, due to a large investment programme outside Iran, the company survived the loss of its Iranian interests at that time. BASF operates in a variety of markets.

BP continued to operate in Iran until the Islamic Revolution. . The AIOC became The British Petroleum Company in 1954, and briefly resumed operations in Iran with a forty per cent share in an new international consortium.
. On August 19, 1953, the incumbent Prime Minister, Mohammed Mossadeq, was forced from office and replaced by Zahedi and the Shah was recalled. Between 1990 and 2005, the company will invest €5.6 billion in Asia, for example in sites near Nanjing and Shanghai, China. They installed pro-Western General Fazlollah Zahedi as prime minister of Iran. The company is currently expanding its international activities with a particular focus on Asia.

However the governments of Britain and the US were concerned about the encroachment of Soviet influence in the area and assisted in a plot against the Iranian administration. In 2003, BASF posted sales of €33.4 billion and income from operations before special items of almost €3 billion. The AIOC took its case against the nationalisation to the International Court of Justice at The Hague, but lost the case. BASF has customers in over 170 countries and supplies about 8,000 products to a wide variety of industries. In March 1951, the pro-western Prime Minister Ali Razmara was assassinated and in April, a bill was passed nationalising the oil industry and the AIOC and the Shah were forced to leave the country. At the end of 2003, the company employed more than 87,000 people, with over 48,000 in Germany alone. Following the turmoil of World War II, AIOC and the Iranian government resisted nationalist pressure to come to a renewed deal in 1949. Its headquarters are located in Ludwigshafen am Rhein (Rhineland-Palatinate, Germany).

Persia was renamed Iran in 1936 and APOC became AIOC, the Anglo-Iranian Oil Company. The BASF Group comprises more than 160 subsidiaries and joint ventures and operates production sites in 41 countries in Europe, Asia, North America and South America. The concession was resettled within a year, covering a reduced area with an increase in the Persian government's share of profits. It is listed on the Frankfurt Stock Exchange. In 1932, the Shah terminated the APOC concession. Today, the four letters are a registered trademark. There was growing dissent within Persia however at the imperialist and unfair position that APOC occupied. BASF originally stood for Badische Anilin- & Soda–Fabrik (Baden Aniline and Soda Factory).

In 1931, partly in response to the difficult economic conditions of the times, BP merged their marketing operations in the United Kingdom (only) with those of Shell-Mex Ltd to create Shell-Mex and BP Ltd a company that continued to trade until the Shell and BP brands separated again in 1975. BASF AG is a German chemical company. but its main concern was still Persia, following the Anglo-Persian Agreement of 1919 the company continued to trade profitably in that country. After the war ended the company, in which the British Government now had a 51% interest, moved to secure outlets in Europe and elsewhere. In 1917, the war allowed it to take the British arm of the German Europäische Union, which used the trade name British Petroleum.

The company grew slowly until World War I when its strategic importance led the British Government to acquire a controlling interest in the company and it became the Royal Navy's chief source of fuel oil during World War I. In 1909, the Anglo-Persian Oil Company was created to exploit this find. This was the first commercially significant find in the Middle East. In May 1901, William Knox D'Arcy was granted a concession by the Shah of Persia to search for oil, which he found in May 1908.

. BP is the leading partner in the controversial Baku-Tbilisi-Ceyhan pipeline. Its BP Solar division has become a world-leading producer of solar panels. The newly-renamed "BP" became an initialism no longer standing for "British Petroleum", and used the tagline "Beyond Petroleum" in advertising campaigns (this perhaps to disguise the company's foreign ownership after its extensive acquisitions and increased presence in the United States, as British Aerospace became "BAE Systems" for similar reasons).

Indeed, after a single year of joint operations, the two giants merged most operations and "Amoco" was dropped from the name. However, this move was widely viewed as a purchase of Amoco by BP, only officially described as a merger for legal reasons. In December 1998, BP merged with the American Oil Company (Amoco), forming "BP Amoco". BP (formerly "British Petroleum" and briefly known as "BP Amoco") LSE: BP, NYSE: BP is a petroleum company headquartered in London, and one of the top four oil companies in the world (along with Shell, ExxonMobil, and Total).