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  • DanaThomas posted an update 6 years, 5 months ago

    The catastrophic Texas plant explosion. Guess what, the company was purchased by a totally-owned subsidiary of Aramco less than 3 months ago.

    • Shocked, shocked I tell you!
      A couple of interesting paragraphs from the ARAMCO website:

      Throughout the 1990s, we gradually extended our ties and partnerships across the world — making several international investments, starting with our purchase in 1991 of a 35% interest in the SsangYong Oil Refining Company (renamed S-Oil in 2000) in the Republic of Korea.

      Our expansion continued in 1994 when we acquired a 40% interest in Petron Corporation, the largest crude oil refiner and marketer in the Philippines. And then again in 1996, when we made several more overseas investments in Europe by purchasing 50% in privately held Greek refiner Motor Oil (Hellas) Corinth Refineries S.A., and its marketing affiliate, Avinoil Industrial Commercial and Maritime Oil Company, S.A.

    • I was in Houston Tx when Pennzoil (formerly part of father George Bush’s Zapata Oil Co) purchased Quaker State Oil in 1998 and accepted an account credit analyst position. I transferred to a Texaco/Shell company called the Alliance by Equilon and Motiva. The idea was to expand and purchase market share. Shell purchased all of Texaco gas stations and rebranded them. Shell also had proprietary rights to sell Havoline oil, Texaco’s flagship brand during the 19
      90’s. Aramco was involved because of a lawsuit won by Pennzoil against Texaco when both were trying to purchase Getty Oil. Texaco filed bankruptcy but still needed $3 billion to pay off Pennzoil and got it from Aramco. Needless to say the acrimony of the corporate culture of Texaco employees towards ex and merged employees when Shell purchased Pennzoil for its brand name was intense. A new company was formed from the purchase called SOPUS. The architecturally award winning Pennzoil Towers building in downtown Houston is still a landmark known for its opulence especially in the executive suites.