French oil major, Total, the majority shareholder (55%) of the Vlissingen refinery (Netherlands), exercised its pre-emptive rights over the shares (45%) of this asset that were offered for sale by Dow Chemical. Concurrently, Lukoil submitted to Total a binding purchase offer for these shares (45%), which constitutes the development of a new partnership between the two companies. Lukoil was chosen by Total for the European venture over USA's Valero Energy Corp.
Russian crude oil, for which Lukoil is one of the major suppliers, represents one of the main sources of the Vlissingen refinery. More broadly, this type of crude oil represents a significant portion for the supply of Total's European refineries. This transaction is subject to the approval by the relevant authorities.