23 November 2010 12:10 [Source: ICIS news]
LONDON (ICIS)--Total Petrochemicals is continuing to pursue a cracker project in ?xml:namespace>
“We’re still in discussions. We’ve had strong support from Sonatrach,” said Burnett, adding: “The project hasn’t gone as quickly as we’d hoped but the outlook is still quite positive.”
The ownership structure still needed to be defined, following the passing of a law which required majority ownership by Algerian companies, he said.
Under the original deal, Brussels-headquartered Total Petrochemicals would have had a 51% stake in the venture and Sonatrach 49%.
There were several options for resolving this problem, including bringing in a third party, Burnett said.
Other technical issues also needed to be resolved, he added, without revealing details.
Burnett said it was too early to predict the timing of the project.
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