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The reputation of Standard Oil in the public eye suffered badly after publication of Ida M.Tarbell's classic exposé The History of the Standard Oil Co.For this reason, Socony purchased a 45% interest in Magnolia Petroleum Co., a major refiner, marketer and pipeline transporter, in 1918. In 1926, Socony purchased General Petroleum Corporation of California.

Standard Vacuum Oil Company, or "Stanvac," operated in 50 countries, from East Africa to New Zealand, before it was dissolved in 1962.

In 1927, Jersey Standard signed a 25-years cooperation agreement with IG Farben for the coal hydrogenation research in the United States.

As the agreement with IG Farben gave to the German company a veto right of licensing chemical industry patents in the United States, including patent for butyl rubber, Jersey Standard was accused of treason by senator Harry S. In 1932, Jersey Standard acquired foreign assets of the Pan American Petroleum and Transport Company.

In 1937, its assets in Bolivia were nationalized, followed by nationalization of its assets in Mexico in 1938.

The interest in hydrogenation evaporated after discovery of the East Texas Oil Field.

Last modified 04-Mar-2019 18:03