OIL INTERESTS COMBINE.

Taranaki Daily News, 7 January 1921, Page 6

OIL INTERESTS COMBINE.

ANGLO-FRENCH AGREEMENT. London, Nov. 4, A French company, with a capital of 100,000,000 francs (about £4,000,000 at par rates of exchange), is in process of formation for the importation into France of crude and refined oils, and for the refining and distribution of petroleum spirit, kerosene, and fuel oil. Sir Basil Zaharoff has, through the Societe Navale de I‘Ouest, one of the leading French shipping companies, and the Banque la Seine, been for a considerable time engaged in creating a large organisation, which has acquired suitable sites in the principal ports of France and the French colonies where large storage tanks are being erected, the construction of which is in an advanced stage. In addition to this company, several other companies with a large capitalisation are being formed to work, under the management of the Societe Navale de I’Ouest, a fleet of “tankers” flying the French flag. A number of these “tankers” have already been, laid down and are being constructed in* British yards. A'n agreement has been concluded between Sir B. Zaharoff’s group and the Anglo-Persian Oil Company, Ltd., under which a supply of large quantities of oil is assured-to the French Company. The Anglo-Persian Oil Company has agreed to subscribe for 45 per cent, of the capital of the importing, refining, and distributing companies and of the transport companies, while 55 per cent, is exclusively reserved for French interests.