21 December 2011 18:23 [Source: ICIS news]
LONDON (ICIS)--Total has agreed to buy out US-headquartered ExxonMobil’s 35% shareholder interest in Europe’s second-largest cracker complex, which is run by Fina Antwerp Olefins, the French energy group said on Wednesday.
The company did not reveal any financial details of the transaction, which is subject to approval by European competition authorities. It currently has a 65% shareholding in the complex in Antwerp, Belgium, so will own it completely if the buyout is given the go-ahead.
Fina Antwerp Olefins has the capacity to produce 1.4m tonnes/year of ethylene from three cracking units. Total uses some of the output from the complex for its polymer plants in Antwerp and Feluy in Belgium.
“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,” it said in a statement.
“The acquisition will open new opportunities to strengthen the competitiveness of the assets and to pursue integration,” it added.
Total would buy ExxonMobil’s stake in Fina Antwerp Olefins through its 100%-owned affiliate PetroFina.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections