Total buys ExxonMobil out of Fina Antwerp Olefins.(business & finance news: Europe/Mideast)(ExxonMobil Petroleum & Chemicals)(Brief article)

Total says it has 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. Total signed the agreement through its wholly owned subsidiary PetroFina. The transaction, subject to approval from the European competition authorities, will make Total the sole owner of Fina Antwerp Olefins. Financial terms were not disclosed.

Fina Antwerp Olefins, formed in 1951, has capacity to produce 1.415 million m.t./year of ethylene; 710,000 m.t./year of propylene; 90,000 m.t./year of benzene; 90,000 m.t./year of cyclohexane; and 50,000 m.t./year of toluene. Some of the …