(PlastEurope) -- Before 2011 came to a close, Total Petrochemicals signed an agreement with ExxonMobil Petroleum & Chemicals BVBA - a member of ExxonMobil to acquire the latter's 35% stake in common joint venture Fina Antwerp Olefins. The deal, which was signed by Total affiliate PetroFina, still has to meet the approval of the European competition authorities. If approved, Total will become the sole shareholder in the Antwerp-based base chemicals producer.
According to Total's data, Fina Antwerp Olefins has capacity to turn out about 1.4m t/y of ethylene, 890,000 t/y of propylene, 190,000 t/y of benzene, 110,000 t/y of cyclohexane as well as 100,000 t/y of toluene - with some of the output earmarked for Total's downstream units in Antwerp and Feluy. Whereas the French petrochemical giant turns out 510,000 t/y of HDPE at the former site, in Feluy, Total has capacity for 930,000 t/y of PP, 170,000 t/y of HDPE as well as 160,000 t/y of PS.