BP PLC, formerly known as British Petroleum (1954-2000), and frequently known as just BP, is a multinational petrochemical company of British origin. It is heavily involved in North Sea Oil and Gas and controls the Sullom Voe Oil Terminal on behalf of thirty other companies.
The origins of BP lie in the Middle East. It was founded in 1909, as the Anglo-Persian Oil Company, then the Anglo-Iranian Oil Company in 1935, becoming British Petroleum Company Limited in 1954. From 1970 onwards, BP merged its assets in the USA with Standard Oil Company (Ohio), and ever since then, has become more and more American in its outlook. In 1987, it acquired the rest of Standard Oil (Ohio) for $8 billion. In 1998, it merged with the Amoco Corporation, another American outfit, making it the largest oil company in the world. From 1998-2000, it was also known as BP-Amoco.
In the 1960s and 70s, BP expanded into Alaska and the North Sea. In 2000, it acquired Atlantic Richfield (based mostly in the western US), and Burmah Castrol (a British petrochemical company.) and renamed itself BP PLC.
From 1914 to 1955, the British government was the principal shareholder in BP. In 1955, it became a holding company, and by 1977, shares were being sold to the public. By the late 1980s, all British government shares had been sold to private interests. This allowed BP to take over Britoil, a company which had been exploiting North Sea oil.
North Sea Oil and Gas
In 1965, BP made its first discovery of North Sea gas (in English waters), and in 1970, tapped its first North Sea oil field.
- BP Marine: "supplies marine fuels and lubricants to the fishing, offshore oil and gas support, and general marine markets in major Scottish ports and island locations."<ref name=BPS>BP in Scotland Product distribution and marketing</ref>
- Air BP: supplies "aviation fuels and lubricants to commercial, general aviation and military markets, with operations at major Scottish airports and a number of Scottish islands."<ref name=BPS/>
- Liquefied Petroleum Gas (LPG): "provides propane and butane to businesses and homes in Scotland which have no connection to the national grid for natural gas"<ref name=BPS/>