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BP PLC |
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BP PLCformerly Anglo-Persian Oil Co., Ltd., British Petroleum Co. PLC, and BP AmocoBritish petrochemical corporation. Formed in 1909 as the Anglo-Persian Oil Co., Ltd., to finance an oil-field concession granted by the Iranian government to William Knox D'Arcy, it became one of the largest oil companies in the world, with oil fields and refineries in Alaska and the North Sea. The British government was for many years BP's largest single stockholder, but by the late 1980s it had turned over the company to private ownership. In 1987 BP consolidated its U.S. interests by acquiring the Standard Oil Co. In 1998 it merged with Amoco (formerly Standard Oil of Indiana) to form BP-Amoco. In addition to oil and natural gas, it produces chemicals, plastics, and synthetic fibres. Its headquarters are in London. |
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| And, a campaign by Hermes, a British pension fund, did successfully persuade BP plc to swap assets out of a politically repressive state, Myanmar. BP plc had abruptly halted production at the Prudhoe Bay oil field in Alaska, which produces about 400,000 barrels a day, after the company discovered corrosion in the pipelines. BP plc has agreed to sell its Innovene subsidiary to Ineos, also of the U. |
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