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Markets :: Basic Chemicals :: Petrochemicals :: Ethylene

Total Buys ExxonMobil out of Fina Antwerp Olefins

9:14 AM MST | December 21, 2011 | Natasha Alperowicz

Total announced today that through its wholly owned subsidiary PetroFina, it signed an agreement with ExxonMobil Petroleum & Chemicals under which ExxonMobil will transfer to Total its 35% stake in Fina Antwerp Olefins, a major producer of petrochemicals. The transaction, subject to the approval of the European competition authorities, will make Total the sole owner of Fina Antwerp Olefins. The company, formed in 1951, is the second largest producer of base chemicals in Europe. It has capacity to produce 1.415 million m.t./year of ethylene, 710,000...

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