Total acquires Exxon Mobil shares in Belgian chemicals plant

December 21, 2011 | Budget & Investment

Total_oil

A subsidiary of French oil major Total has agreed to buy Exxon Mobil’s 35 percent stake in Fina Antwerp Olefins, a Belgian chemicals plant, for an undisclosed amount, the French group said on Wednesday.

Total already owned 65 percent of the plant, which it says isEurope’s second largest for the production of base chemicals products, including ethylene, propylene and benzene.

In October, Total unveiled a plan to merge its chemicals and fuel refining arms, in a move to bolster the business profitability. Total has been struggling for years with its refining business inEuropedue to poor margins and weak demand for fuel products.