European Union approves formation of Exxon and Shell Petroleum additives joint venture

Citation

(1998), "European Union approves formation of Exxon and Shell Petroleum additives joint venture", Industrial Lubrication and Tribology, Vol. 50 No. 5. https://doi.org/10.1108/ilt.1998.01850eab.007

European Union approves formation of Exxon and Shell Petroleum additives joint venture

European Union approves formation of Exxon and Shell Petroleum additives joint venture

Keywords: Exxon, Petroleum additives, Shell

On 9 July 1998 in London, UK Exxon Chemical Company, Shell Petroleum Company Limited and Shell Chemical Company signed an agreement to form a worldwide petroleum additives joint venture. This formation has been approved by the European Union Merger Task Force, although certain conditions are attached.

The new enterprise, to be named "Infineum" is targeted to be fully operational in early 1999, pending receipt of clearance from the US Federal Trade Commission and all other remaining government and regulatory approvals.

"We plan to name the new enterprise Infineum to indicate its broader capabilities resulting from the merger of Paramins and the additives businesses of Shell and, more importantly, the planned partnership between Infineum and its customers", said Anthony J. Gaskell, president and chief executive officer-designate of the planned joint venture.

"Infineum is determined to lead the way in customer satisfaction. The Joint Venture Agreement signing and European Union approval are significant milestones in the formation of this new global enterprise" Gaskell added.

"Infineum" was chosen as the new enterprise name, based in part on feedback from a sample of customers that associated the name with characteristics such as: "long-lasting", "forward thinking", "global reach of people and products", "wide range of products" and "contemporary".

The petroleum additives include both lubricant and fuel additives.