Total sells its polystyrene business in China to INEOS Styrolution.
Paris – Total has accepted an offer from INEOS Styrolution, the leading global styrenics supplier, to acquire its polystyrene business in China. It includes in particular two facilities with a production capacity of 200,000 tons per year each, located in Ningbo, Zhejiang Province, and in Foshan, Guangdong Province.

In a highly competitive polystyrene market, Total considered it did not have the required critical mass in China, unlike its positions in Europe and the United States.

“The sale is in line with our active portfolio management strategy” commented Bernard Pinatel, President, Refining & Chemicals at Total. “Our polystyrene business will be now focused on Europe and North America, two markets where we are the No. 2.”

INEOS Styrolution has made clear commitments to maintain the business and jobs and meet commitments to customers.

The transaction is subject to the approval of the relevant regulatory authorities.

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About Ningbo plant
The Ningbo plant produces 200,000 tons of polystyrene a year and has 54 employees. It also includes a unit that manufactures polypropylene compounds for automotive parts. After the closing of the transaction, the polypropylene compounds production will be exclusively dedicated to Total.

About Foshan plant
The Foshan plant produces 200,000 tons of polystyrene a year and has 86 employees.

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Twee bericht.
Canada: Total sells its interest in the Joslyn oil sands project to CNRL.
Paris - Total, together with its partners, has agreed to sell the Joslyn oil sands project in Alberta, Canada, to Canadian Natural Resources Limited (CNRL) for an overall consideration of 225 million Canadian dollars.

Following the oil price fall in 2014, the Joslyn project partners decided to put its further development on hold. Therefore, activities have since been limited to fulfilling regulatory requirements and ensuring the safety of the site.

“Reducing our exposure to Canada’s oil sands by selling this asset is in line with our global strategy to focus our oil investments on low breakeven resources and develop a resilient portfolio in the mid and long term. It is also consistent with the gradual reduction of our stake in the Fort Hills oil sands project in 2017”, stated Patrick Pouyanné, Chairman and CEO of Total.

The closing of the transaction is subject to authorization by the Canadian Competition Bureau.
The Joslyn project partners are Total (operator, 38.25%), Suncor Energy Joslyn Partnership (36.75%), Joslyn Partnership (15%) and Inpex Canada Ltd (10%).

Total Exploration & Production in Canada
Total has been present in Canada’s upstream since 1999. The Group holds a 24.58% interest in Fort Hills, and a 50% interest in the Surmont project.
In 2017, the Group’s production in Canada was 59,000 barrels of oil per day.