Subsid's Acqn of Interest
Total Fina S.A.
12 November 1999
TOTALFINA Acquires 15% Interest in Shell Gas Eastern, Inc., Shell's LPG Import
and Storage Subsidiary in the Philippines
TOTALFINA and Shell have reached an agreement whereby TOTAL Philippines Corp.
(TPC) will acquire a 15% interest in Shell Gas Eastern, Inc. (SGEI), which owns
a liquefied petroleum gas (LPG) import and storage terminal in Tabangao,
Batangas Province, in the Philippines. The terminal is strategically located in
the heart of Southeast Asia.
SGEI began operating in 1982 to supply the growing LPG demand in Asia, including
the Philippines. The facilities comply with the most stringent safety and
quality standards. The company owns and operates the only refrigerated butane
and propane storage center in the Philippines, with a capacity for 50,000 metric
tons of LPG.
TPC, a wholly owned TOTALFINA subsidiary, decided to acquire a stake in SGEI to
enter the Philippine market and provide logistical support for TOTALFINA's other
LPG marketing operations in Southeast Asia.
TOTALFINA a world major global supplier of butane and propane is targeting
Southeast Asia as a key region in its development strategy.
TOTALFINA owns 94.93% of ELF Aquitaine as of end of October 1999. The two
companies are awaiting approval from the European Commission to finalize their
merger. A decision is expected in mid February 2000.
Latest directors dealings
- 11 hours ago ASOS
- 11 hours ago MJ Gleeson
- 11 hours ago Rolls-Royce Holdings
- 12 hours ago Crest Nicholson Holdings
- 12 hours ago Naked Wines