Total (Courbevoie, France; www.total.com), the majority shareholder (55%) of the Vlissingen refinery, exercised its pre-emptive rights over the shares (45%) of this asset that were offered for sale by Dow Chemical Co. Concurrently, Lukoil submitted a binding purchase offer to Total for these shares, which constitutres 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. This transaction is subject to approval by the relevant authorities.
Total and Lukoil to form a new partnership over Vlissingen refinery
| By Dorothy Lozowski