Pharma Industry
Industry: Email Alert RSS FeedUDS Acquires Total Petroleum, Suggesting Industry Consolidation
Chemical Market Reporter, April, 1997
REFINING INDUSTRY consolidation continues, although not among oil companies with significant chemical operations. Ultramar Diamond Shamrock Corporation announced last week that it will acquire Total Petroleum (North America) Ltd. for some $811 million, including $414 million in Total Petroleum debt.
UDS is itself the result of last year's merger between Ultramar and Diamond Shamrock. This latest deal will make UDS one of the largest petroleum refining and marketing companies in North America, with refinery capacity of 650,000 barrels of crude daily. Total has no significant chemical assets, but a spokeswoman says UDS continues to be bullish on petrochemicals, noting that a previously announced BTX extraction facility at Three Rivers, Tex., is due on line...
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