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Total to buy ExxonMobil's stake in Fina Antwerp Olefins
24 Dec '11
2 min read
Total, through its 100% affiliate PetroFina SA, signed an agreement with ExxonMobil Petroleum & Chemical BVBA under which ExxonMobil is to transfer to Total its 35% shareholder interest in Fina Antwerp Olefins.
The transaction is subject to the approval of the European competition authorities. Once the transaction is completed, Total will be the sole shareholder in Fina Antwerp Olefins.
Fina Antwerp Olefins, in which Total currently has a 65% interest, was set up in Antwerp in 1951. This plant is the second largest in Europe for the production of base chemicals products, including ethylene, propylene and benzene. Some of the plant's output is used by Group units, in particular in both Antwerp and Feluy, to manufacture polymers.
With this acquisition, Total consolidates its position in the Antwerp platform, which also houses the refinery Total Raffinaderij Antwerpen and the polyethylene plant Total Petrochemicals Antwerpen. The acquisition will open new opportunities to strengthen the competitiveness of the assets and to pursue integration which is one of the foundations of Total's strategy.
Total Petrochemicals is one of the world's largest petrochemicals producers. Its business includes base petrochemicals from steam crackers and certain refinery processing plants – olefins (ethylene, propylene), C4 fractions and aromatics (benzene, toluene, xylene and styrene) –, as well as the commodity polymers derived from them (polyethylene, polypropylene, polystyrene).
Total Petrochemicals employs about 6,000 persons in Europe, the United States, the Middle East and Asia. Its products are used in many consumer and industrial markets, including packaging, construction and automotive.
Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals.
The transaction is subject to the approval of the European competition authorities. Once the transaction is completed, Total will be the sole shareholder in Fina Antwerp Olefins.
Fina Antwerp Olefins, in which Total currently has a 65% interest, was set up in Antwerp in 1951. This plant is the second largest in Europe for the production of base chemicals products, including ethylene, propylene and benzene. Some of the plant's output is used by Group units, in particular in both Antwerp and Feluy, to manufacture polymers.
With this acquisition, Total consolidates its position in the Antwerp platform, which also houses the refinery Total Raffinaderij Antwerpen and the polyethylene plant Total Petrochemicals Antwerpen. The acquisition will open new opportunities to strengthen the competitiveness of the assets and to pursue integration which is one of the foundations of Total's strategy.
Total Petrochemicals is one of the world's largest petrochemicals producers. Its business includes base petrochemicals from steam crackers and certain refinery processing plants – olefins (ethylene, propylene), C4 fractions and aromatics (benzene, toluene, xylene and styrene) –, as well as the commodity polymers derived from them (polyethylene, polypropylene, polystyrene).
Total Petrochemicals employs about 6,000 persons in Europe, the United States, the Middle East and Asia. Its products are used in many consumer and industrial markets, including packaging, construction and automotive.
Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals.
Total Petrochemicals
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