On this day, 27 years ago, August 11, 1998 (June 20, 1998, the two major oil giants of the United States and the United States merged. On August 11, 1998, BP announced a merger with Amoco Oil Company of the United States to establish an oil giant with a total capital of US$110 billion. This was the largest merger action in the world's manufacturing industry to date, bringing the continuous emergence of corporate mergers in recent years to a climax again. The newly built British Amoco Oil Company will join the ranks of the world's three major oil giants, along with Exxon Oil Company of the United States and Anglo-Dutch Shell Oil Company, and conduct global trading of oil, natural gas and chemical products. The company's goal is to increase annual pre-tax profits by $2 billion by the end of 2000. "Opportunities will belong to companies that have advantages in scale and financial resources, can undertake large projects and thus make huge profits."