They focused on both refining and distribution, one official said.
Among its purchases was Citgo, the American refining and distribution network.
The Standard, while ruthless in business methods, was largely responsible for the rapid growth of refining and distribution techniques.
Oil's price reflects its extraction, refining, and distribution costs, but not that of creating the raw material.
The United States needs to open up more land to oil extraction and upgrade its refining and distribution networks, he said.
By far the biggest chunk – £37bn – went to oil and gas extraction, refining and distribution industries, with a further £2.5 billion to fossil fuel electricity generation.
The Refining, Marketing and Distribution segment includes refining and transport operations; and sale of crude oil, natural gas and refined products.
Another proposal would open refining, transport and distribution to private enterprise.
To that end, in December 2013 the Congress amended those articles of the constitution that gave Pemex exclusive control over the exploration, production, refining, storage, and distribution of oil, natural gas, and basic petrochemicals.
Today the family is among Canada's wealthiest and controls about 300 companies with interests in oil refining, retailing and distribution as well as lumber, paper, steel, hardware, trucking, shipbuilding, shipping, railroads, printing and consumer products.
BP said in January that it would have to axe a further 3,000 jobs worldwide in its downstream business – including refining, marketing and distribution – by the end of 2017, on top of the 4,000 cuts announced last year under a swingeing overhaul to slash costs.
