French oil major Total S A yesterday agreed to buy Exxon Mobil's 35-per cent stake in Belgian chemicals plant Fina Antwerp Olefins, for an undisclosed sum.
The stake is to be acquired by Total's wholly-owned subsidiary PetroFina S.A, which already owns 65 per cent in Fina Antwerp.
Fina Antwerp Olefins was set up in Antwerp in 1951. This plant is the second-largest base chemicals facility in Europe, which produces ethylene, propylene and benzene.
Some of the plant's output is used by the group units, in particular in both Antwerp and Feluy, to manufacture polymers.
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.
Total, based in Paris, said that the acquisition ''will open new opportunities to strengthen the competitiveness of the assets and to pursue integration which is one of the foundations of Total's strategy.''