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Total Fina Buys Philippine Shell Ga
Subject: Total Fina Buys Philippine Shell Gas
Total Fina Acquires 15% Interest in Shell Gas Eastern, Inc.,
Shell's LPG Import and Storage Subsidiary in the
Philippines
November 12, 1999
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.