Kontinentale Öl AG (Konti Öl) was a German oil company during World War II.
Contents
History
Kontinentale Öl was established on 27 March 1941 in Berlin with capital of 80 million Reichsmark. The company had exclusive rights to trade oil products and to acquire oil assets in German-occupied territories. In addition to the occupied territories, it operated its subsidiaries also in Germany.
In Romania it acquired shares in Concordia and Columbia oil companies which belonged to French and Belgian owners. Later it acquired 50% in the oil company Astra Română.
For the oil production in the Caucasus region, the subsidiary Ost Öl GmbH (Ostöl) was founded in August 1941. The company purchased rigs, vehicles and other production equipment; however, the oil fields in the Caucasus were never captured by the German Army.
In July 1941, Baltische Öl GmbH was founded for the shale oil extraction in Estonia. The all existing oil shale industry was merged into that subsidiary. The company operated in Estonia until September 1944, when Soviet troops were advancing into Estonia. About 200 oil shale specialists employed by Baltische Öl were evacuated to Schömberg, Germany to work the Operation Desert (Unternehmen Wüste).
In August 1942, Karpathen Öl was established which took over oil assets in Galicia.
In 1944, Kontinentale Öl bore huge losses due to the German retreat and the associated loss of assets. After the war the company was placed in trusteeship. In 1949, it was decided to dissolve the company as of 31 October 1950. However, the liquidation was not completed until 1966.
Shareholders
The company had a number of private shareholders, but the sole voting right in the company belonged to Borussia GmbH, a state holding company. However, the leading role in the consortium was held by Deutsche Bank and IG Farben. Other shareholders were energy companies Deutsche Erdöl, Gewerkschaft Elwerath, Wintershall, Preußische Bergwerks- und Hütten and Braunkohle-Benzin, and financial institutions Dresdner Bank, Reichs-Kredit-Gesellschaft and Berliner Handels-Gesellschaft.
Subsidiaries
Kontinentale Öl was a holding company which operated through its subsidiaries. Its subsidiaries were: