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Cray Valley resins business of Total in France not for sale

October 21/2020

MOSCOW (MRC) -- Oil and gas group Total said its Societe Cray Valley business, the French offshoot of its resins operations, was not up for sale, reported Reuters.

Reuters reported earlier in October that Total was launching a sale of its resins business and had hired Credit Suisse to work on the process. Total declined to comment at that time.

While the Societe Cray Valley, the French operations, are not part of the divestiture plan, its international resins businesses have been put on the block and are attracting interest from private equity buyers, people close to the matter said.

Cray Valley operates the Carling petrochemical complex in eastern France and has operations elsewhere, including in China.

Total said in a statement that "there is no sales process for the "Societe Cray Valley".

The oil company said that it stood by commitments made in 2013 when it restructured the Carling site, shutting down some activities there but investing in resins production.

Total declined to comment further when asked whether other resins operations were affected by a sales process.

As MRC wrote previously, Total has agreed to sell its Lindsey refinery in the UK to fuel trader and marketer Prax Group, as the French oil major focuses on its integrated downstream assets and the coronavirus adds to the uncertainty over long-term demand for fuel.

We remind that in November 2019, Total disclosed that itis evaluating construction of a new gas cracker at its Deasan, South Korea, joint venture (JV) with Hanwha Chemical.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,496,500 tonnes in the first eight months of 2020, up by 5% year on year. Shipments of all ethylene polymers increased, except for linear low desnity polyethylene (LLDPE). At the same time, PP shipments to the Russian market reached 767,2900 tonnes in the eight months of 2020 (calculated using the formula - production minus exports plus imports - and not counting producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.

Total S.A. is a French multinational oil and gas company and one of the six "Supermajor" oil companies in the world with business in Europe, the United States, the Middle East and Asia. The company's petrochemical products cover two main groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.
Author:Margaret Volkova
Tags:PP, PE, LLDPE, crude and gaz condensate, PP random copolymer, propylene, ethylene, petrochemistry, Hanwha Total, Total Petrochemicals, UK, Russia, France, South Korea.
Category:General News
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