HOUSTON — BASF Corp. and Total Petrochemicals & Refining USA have signed agreements to merge their joint ventures BASF FINA Petrochemicals Limited Partnership and Sabina Petrochemicals LLC to create BASF TOTAL Petrochemicals LLC.
"This structure change was done to simplify the joint venture operations into one legal entity that reflected the current ownership of the facility," said Heidi Alderman, senior vice president of BASF''s North American Petrochemicals Business. "BASF and TPRI remain strongly committed to the Port Arthur facility and will invest significant capital in the site over the next few years."
BASF retains 60% ownership in the joint venture and TPRI retains 40%.
The original joint venture was created in September 1997, when BASF and Fina Oil and Chemical Company (now TPRI) formed a limited partnership to build the naphtha steam cracker in Port Arthur.
At the Port Arthur site there was also a tri-venture named Sabina Petrochemicals LLC between Shell, BASF and TPRI that operates one of the world''s largest C4 complexes. Shell exited the venture on August 1, 2011, leaving BASF and TPRI as sole members with the same ownership shares (60% and 40%) as in the BASF FINA Petrochemicals joint venture.
"The new name reflects the strong partnership between TPRI and BASF as well as reinforces the commitment to strengthen the synergies between the two facilities," said Geoffroy Petit, vice president, Refining and Base Chemicals for Total Petrochemicals & Refining USA, Inc.