THE OIL INDUSTRY.

Taranaki Daily News, 13 January 1919, Page 8

THE OIL INDUSTRY.

SALE OF TARANAKI IIEFININQ PLANT. ■ It is understood, on reliablo authority, that the Taranaki Oil Wells Company lias disposed of its refining plant at Moiuroa, and that the purchasers are the Anglo-Persian Oil Company. Ihe deal is said to be a very satisfactory one from tlia point of view ofllie advaueing shareholders, who will now be able to be paid off. THE PURCHASING COMPANY. In view of the fact that the company which has purchased the plant is largely controlled by the British Government, whoso present object is to render the oil industries of the Empire independent of foreign companies, a Daily News representative sought out Mr- T. J- Greenway, who very readily acceded to the suggestion that lie should relate something of the history of tha company which he is representing. Mr. Greenway J s residence is in Melbourne, but he was commissioned to come to New Plymouth to complete th 3 transaction in connection with the purchase of the refining plant The Anglo-Persian Oil Company had its genesis with a certain Mr D'Arcy, who was at one time a director of the Mount Morgan Gold Mining Company in Australia, and from which he made a fortune of between £500,000 and £OOO,OOO. He subsequently went to England, where he did a considerable amount of entertaining, and amongst his guests at oe time was a gentleman connected with the Persian Embassy, who told him of the extensive oil indications met with over a largo part of Persia. This aroused the interest of Mr. D'Arcy, who sent his secretary to Persia to investigate the prospects. iTlie result of these investigations was that D'Arcy's secretary at once secured oil. rights over practically the whole of Persia. MrD'Arcy immediately set to work to develop the fields over which he had secured rights, and in doing so he went through tlic experience that many pioneers in industry development go through, and exhausted practically all his own capital without doing much good. At this stage (about 1909) he met Mr. ureenway (a brother of Mr. T. J- Greenway), who was a director of the Burma Oil Company The result of the acquaintance was that the Burma Oil Company acquired two-thirds of Mr- D'Arcy's interests and formed a company, having a capital of £2,000,000. Mr. Greenway then, in company with some prominnent Englishmen, subsequently went to Persia, where it was found that German intrigue was menacing the company's interests. They returned to England and placed the whole position before the ImDerial Government, who finally decided to come into the company, and tl ey put in something over £2,000.000, thereby acquiring a controlling interest In the concern, which now became an influential company having a capital of over £4,000,000. By 1913 the developments had so far advanced that large quantities of oil were iboing secured. Refineries had been erected on th Prsian Gulf, which wre at that time putting through 12.000,000 gallons or oil per month. Since then the through-put has been increased until at present it totals 00,000,000 gallons per month. The company owns a fleet of tank steamers, the capital value of which is over £3000,000. Refineries have been erected in South Wales at .a cost of over £1,000,000, and the company had acquired boring rights and concessions in various parts of the world Referring to the relation of the indus try to war conditions, Mr. Greenway said that before the war the British Government was practically dependent for its oil supply upon two companies—the -Standard Oil Company and the Royal Dutch Company—and it mi'-ht he said that. thes« twp companies held the British industries and t'w power of Great Britain to carry on her naval and military operations in the hollow of their hands. That position, however, had now been much relieved by the operations of the Anglo-Persian Oil Company, whose main object now is as has already been stated above.

In reply to a question as to whether tlie company he represented would consider working the local oilfields, Mr. Greenway said lie was not able to give an answer, not being a permanent officer of the company. He ventured an opinion, however, that as the company was out to fully exploit oilfields within the Empire, and to make it entirely independent of foreign supplies!, if suliieient scope for conducting boring operations presented itsslf, the company would certainly undertake woric in New Plymouth.

Regarding the destination of the plant that has been purchased, Mr. Greenway Biu<l it, had he:*n secured as a war necessity, inasmuch as tlie company, urgently needed refijieivv machinery, which could not he manufactured while the war lasted. Now that hostilities have ceased, the position may be changed somewhat, and instead of being dismantled and sent to the Persian Gulf, as was confcraplated, it may not now be urgently required in Persia.