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PetroFina and Solvay announce polyethylene co-operation agreements. |
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| 01 Oct. 98 |
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PetroFina has concluded two co-operation agreements with the Solvay Group in the area of high density polyethylene (HDPE), the first one being industrial and the second one being technological. The agreements will enable the two companies to respond in a progressive manner to the increasing demand for high density polyethylene in Europe. In addition both companies will be in a position to increase their research activities and accelerate their industrial applications in this area.
With regard to industrial operations, PetroFina and Solvay will share the production of two HDPE plants, each with an individual capacity of 250,000 tonnes, which are to be built in Belgium. Solvay will build and operate the first plant which is expected to become operational by the year 2002, while PetroFina will build and operate the second plant which is expected to become operational by the year 2005. Each company will own its plant.
In this way, both companies will be able to progressively adapt their supply to the evolving market demand, benefiting from economies of scale and from world class production units which are flexible, competitive and dependable.
With regard to research and development activities, Fina will grant Solvay a world license covering Fina technology specific to the production of HDPE using metallocene catalysts. For its part, Solvay will provide Fina, through a world license with its technological know-how regarding the production of HDPE using chromium catalysts.
These two companies will jointly pursue their research into the development of metallocene and other catalysts and their development of corresponding resins. Through this co-operation, Fina and Solvay will be able to increase their available financial, scientific and human resources in order to master and use the industrial technologies of the future.
High density polyethylene is a polymer with diversified and increasing applications, currently enjoying an annual increase of 5% in world demand. It is primarily used in the manufacturing of gas tanks and other car accessories, in packaging films, bottles and pipes used in the distribution of gas and water under high pressure.
PetroFina (NYSE :FIN) is an international integrated petroleum and petrochemical group employing some 14,500 persons in 44 countries with its headquarters located in Brussels, Belgium. For the 1997 financial year, the company realised sales of 20.3 billion dollars (BEF 727 billion) and earned a net income of 618 million dollars (BEF 22.1 billion).
PetroFina is a HDPE producer in Europe and the United States with annual production capacity expected to reach 885,000 tonnes by 1998 year-end, making it the third largest in Europe and the seventh largest in the world. The Group has developed a particular expertise in the area of metallocene catalysts.
Solvay is one of the world leaders in HDPE accounting for nearly one billion dollars (BEF 40 billion) in sales and representing 36% of its Plastics Division sales. Solvay is an international chemical and pharmaceutical group employing some 34,000 persons in 46 countries with its headquarters located in Brussels, Belgium. For the 1997 financial year, the company realised global sales of 8.4 billion dollars (BEF 311 billion) from its four operating divisions: Chemical, Plastics, Processing and Pharmaceuticals. |
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