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Total to Merge Refining and Petchem Operations?

11:27 AM MDT | August 26, 2011 | Ian Young

Total is planning to merge its refining and petrochemical businesses, according to a report by French newspaper Les Echos, citing trade union sources. The move, which is due to be announced this fall, forms part of a broader restructuring of Total's downstream operations, under which gasoline retailing would be separated from refining, the report says. Total declined to comment on the report. The Total Petrochemicals subsidiary accounts for most of Total's base chemicals business, which generated sales of €6.7 billion in the first half of 2011. Total also...

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