EW OIL COMPANY IN NEW ZEALAND

Rotorua Morning Post, Issue 5284, 21 December 1946, Page 6

EW OIL COMPANY IN NEW ZEALAND

Press Assn.-

GOVT. INTERESTED , ' DIRECTORS NAMED IN OFFICIAL STATEMENT

—By Telegraph — Copyright.)

WELLINGTON, Last Night. , The New Zealand Government vill subscribe 51 per cent of • 52,500,000 capital of the new oil I iompany which has now been i registered under the name of the • "'British Petroleum Company of i New Zealand, Limited." The Anglo-Iranian Oil Company of : London will subscribe the reI maining 49 per cent. 1 An offieial statement making this ! announcement, coxxtinues: "Three ■ directors are being appointed by the •Government and the following will represent the Anglo-Iranian Oil Company on the board — Mr. G. G. G. Watson, barrister, of Wellington; Mr. H. G. Cooper, of Messrs. Dalgety and •Company; Zdessrs. N. B. Fuller ancl G. H. Jamcs, of the Anglo-Iranian Oil Company. Mr. James will be the •managing director. Land for Installations "The company is negotiating for the purchase or lease of land for its main ocean installations at Wellington, Auckland, Christchurch, and Dunedin. It is not considered that the new company will be ready to operate for at least another 18 months but when it does so it will, through j its commercial management, compete | in the market for distribution and | sale of petroleum product-s on a purely commercial basis. "The company while ready to cooperate with other oil companies in sucii matters as allow co-operation, will be fully competitive, but it is not seeking to interfere with the independence of other existing oil. companies in New Zealand nor is it negotiating for the purchase of any other oil company in this country. Work for Ex-Servicemen "When the company commeftces operations, it is hoped to absorb a considerable number of returned .ex- j servicemen into the organisation which will offer interesting employment in many spheres of commercial life, including engineering, account- j ancy, administrative and technical . saies. ; | "The Anglo-Iranian Oil Company wish to distribute a proportion of ' their vastly inereased production in

tms country because they belxeve xn the future of New Zealand and it is with this end in view that the British Petroleum Company of New Zealand, Ltd., is sponsored by them. "They are convinced that as \ purely English company they can offer their products to the New Zealand public and enjoy a full share of tHe big increase in petroleum consumption which will come about as a natural result of the future development of this Dominion." The three directors appointed by the Government are Mr. B. C. Ashwin, Secr.etary to the Treasury, Mr. P. B. Marshall, Commissioner of Supply, and Mr. G. Laurence, of the Departinent of 'Industries and Commerce.