Total S.A. to Acquire ExxonMobil's Share in Fina Antwerp Olefins

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Researched by Industrial Info Resources Europe (Galway, Ireland)--Total S.A. (NYSE:TOT) (Paris, France), through its affiliate PetroFina S.A., has signed an agreement with ExxonMobil Petroleum & Chemical BVBA (Brussels, Belgium), the European headquarters of the ExxonMobil Corporation (NYSE:XOM) (Irving, Texas), in which ExxonMobil is to transfer its 35% shareholder interest in Fina Antwerp Olefins (Antwerp, Belgium) to Total. If the transaction, which is subject to the approval of the European competition authorities, is completed, Total will be the sole shareholder in Fina Antwerp Olefins.

With this acquisition, Total will consolidate its interests in Antwerp, which also houses the Total Raffinaderij Antwerpen refinery and the Total Petrochemicals Antwerpen polyethylene plant. The acquisition will open new opportunities to strengthen Total's competitiveness, in line with its reorganisation strategy, which was announced in October 2011. Under the strategy, a new division was created to integrate Total's refining and petrochemical operations, which employ similar industrial processes. Commenting on the new strategy, Christophe de Margerie, the chairman and CEO of Total, said: "The proposed reorganisation does not change Total's overall scope. We remain fully integrated, from oil and gas exploration to the manufacturing and sale of refined products and plastics. What it will do is allow us to better capture all opportunities arising from our integrated business model."

Total currently has a 65% interest in the Fina Antwerp plant, which is the second-largest in Europe for the production of base chemical products, including ethylene, propylene and benzene, as well as toluene and cyclohexane. Fina Antwerp Olefins processes naphtha, butane and propane from the Total refinery into base chemicals ethylene, propylene, butadiene and benzene. These monomers are used either in the Total Petrochemicals Antwerp and Feluy plants for polymer production, or sold to the chemical industry, which converts them into a variety of everyday products.

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