ANTI-TRUST SUITS IN U.S. SETTLED

Press, Volume XCIX, Issue 29363, 16 November 1960, Page 21

ANTI-TRUST SUITS IN U.S. SETTLED

(N.Z. Press Association—Copyright)

NEW YORK, November 15. The United States Government today settled anti-trust suits against the Standard Oil Company of New Jersey and Gulf Oil Corporation, the two biggest defendants in its seven-year-old international oil cartel case. A consent decree filed with Federal Judge John Cashin forbade Jersey Standard and Gulf to engage in cartel arrangements to fix prices, allocate markets or control production and distribution of crude oil or petroleum products. The main provision of the decree ordered Jersey Standard to relinquish its joint ownership with Soconomy Mobil Oil Company of Standard Vacuum, an operating company with large holdings in the markets of Africa.

Asia. Australia and New Zealand, according to United Press International.

The oil cartel case grew out of an investigation by the Federal Trade Commission starting in 1949. The original suits were brought against five major United States oil companies in 1953. The three companies unaffected by today’s decree are the Standard Oil Company of California. Soconomy Mobil and the Texas Company, U.PJ. said. Charges against them still were pending. STANDARD-VACUL’M Joint Ownership To Cease (New Zealand Press Association) WELLINGTON. November 15. Mr W. S. McLean, managing director of Standard-Vacuum Oil <N.Z.), Ltd., said today it had been announced in New York that the joint ownership of StandardVacuum Oil Company by Socononv Mobil Oil Company, Inc. and Standard Oil Company (New Jersey) was being terminated. He said this would not alter relations with employees, customers, dealers, suppliers, or others doing business with the existing companies.

The two companies had formed Standard-Vacuum in 1933.

Developments in the oil industry now indicated that a change was desirable and the properties held by Standard-Vacuum would be divided between the two companies.

Mobil would acquire all of Standard-Vacuum Oil , Company (N.Z.). Ltd., and its'interest in n refining company to be formed by the petroleum industry in this country, said Mr McLean<