Former company profiles:
The Netoil Group
The Netoil Group is a private investment company that includes individual investors and skilled professionals in the oil and gas industry, principally from the United States, Europe and the Middle East. It is a private company, not publicly listed.
In 1973, Netoil conceived and financed the Suez-Mediterranean (SUMED) Pipeline, as an oil bypass to the Suez Canal, which was still closed by wreckage from the 1967 Arab-Israeli War. The 200-mile pipeline has twin 42-inch lines and pumps 2.5 million barrels of oil per day from the Red Sea to the Mediterranean.
Shortly thereafter Netoil, in partnership with Mitsubishi Chemical Co., also conceived and developed the largest chemical methanol complex in the world, at Jubail, Saudi Arabia.
Having been active in the trading of crude oil in the 1960s, Netoil negotiated a long-term supply of crude oil to Japan from Saudi Arabia following the 1973 war. Some years later Netoil became active in the refining and distribution of petroleum products through the creation of the European refiner Tamoil Corporation in 1983. Over the years, the activities of Tamoil have expanded in Europe via its 100% ownership and control of three refineries located respectively in Switzerland, Germany and Italy, with a total refining capacity equivalent to 255,000 barrels per day and a network of more than 3,000 branded service stations.
The Group was also responsible for the construction of the BTC oil pipeline from Baku, Azerbaijan to the Turkish Mediterranean port of Ceyhan. Completed in 2006 with a length of 1,099 miles and a diameter of 42 inches, the pipeline carries one million barrels per day of Caspian crude oil to world markets.
Netoil currently working on a large-scale project for liquefying natural gas in Oman, on the coast of the Gulf of Oman. This project will rely on shale gas and other supplies to provide the feedstock to “Floating Natural Gas Liquefaction Barges” or “Barge FLNGs” for export of LNG to Asia and Europe.
In addition to its activities in the oil industry, the company for some years owned three major hotels in Paris, France: the Meurice, Prince de Galles and the Grand Hotel, as well as the famed Café de la Paix.
In the United States, the Group controlled 77% of a billion-dollar bank, “Bank of the Commonwealth”, in the state of Michigan. Following the sale of Commonwealth, Netoil became the largest single shareholder of Comerica Inc., one of the 30 largest banks in the United States with total assets equivalent to $63 billion.