Total exercises pre-emptive rights over Vlissingen refinery shares
Posted: 19 June 2009
Total, the majority shareholder (55 per cent) of the Vlissingen refinery, exercised its pre-emptive rights over the shares (45 per cent) of this asset that were offered for sale by Dow Chemical.
Concurrently, Lukoil submitted to Total a binding purchase offer for these shares (45 per cent), which constitutes the development of a new partnership between the two companies.
Russian crude oil, for which Lukoil is one of the major suppliers, represents one of the main sources of the Vlissingen refinery.
More broadly, this type of crude oil represents a significant portion for the supply of Total’s European refineries.
This transaction is subject to the approval by the relevant authorities.
Posted by Richard Price, Editor, EnergyME.com
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