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Total consolidates its Antwerp platform by acquiring ExxonMobils interest in Fina Antwerp Olefins

December 22/2011
(Total) -- Total, through its 100% affiliate PetroFina S.A., today 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.
Total consolidates its Antwerp platform by acquiring ExxonMobils interest 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 plants 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 Totals strategy.

Total Petrochemicals is one of the worlds 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.

Author:Marina Ivanova
Tags:PP, PE, benzene, styrene.
Category:General News
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