Of the giant oil monopolies that control the production, shipping. processing and marketing of oil and petroleum products throughout the world, five are based on American capital. Two-BP and Royal Dutch Shell-have strong links with British capital.
Shell- with assets of over E5 billion, the largest non-American corporation in the world-ll a joint British-Dutch operation, with the British parent company (Shell Transport and Trading) holding a 40% slice.
British Petroleum (BP) is almost entirely based on British capital, with 48% of its shares held by the British Government and 22% by Burmah Oil (itself an important British independent" oil firm, cogaged in refining and marketing). The history of BP-formerly Anglo-Persian Ou-should destroy once-and-for-all the illusion that "public enterprise is a particularly Socialst concent. The Government first acquired a stuice in AngloPersian-originally a 515 interestin 1914. This was done at the instigation of Winston Churchill who, as First Lord of the Admiralty, was eager to ensure the steady flow of oil for British warships.
British firms have shown themselves no less prepared than their American counterparts to deal vigorously and viciously with any chaiJenge to their immense power. When BP's operations were nationalised by Libya, for example, BP promptly nel, Because Libyan oil has a ligh wax content. they expected this to result in the pipelines becoming hopeleasly clogged within a matter of weeks, causing damage in excess of E10 million and bringing Libyan ail production to a total stop. The Libyan Goverument was forced to do a deal with the American tim operating the remaining Libyan oilfields in order to get the technical staff necessary to stave off such a disaster Receatly, Shell bas been one of Red weekly 30 orch 181н Ray Alexander
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