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TOTALFINA Acquires 15% Interest in Shell Gas Eastern, Inc., Shell's LPG Import and Storage Subsidiary in the Philippines |
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| Nov. 12, 99 |
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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. |
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