01/29/2015 - News
Samsung Total : 3 Questions for J-J. Mosconi
3 Questions for Jean-Jacques Mosconi on Samsung Group’s Plan to Sell the Majority of Its Stake in Samsung Total Petrochemicals
Jean-Jacques Mosconi is Senior Vice-President Refining & Petrochemicals Orient Business Unit, TOTAL
1. How does this affect Samsung Total Petrochemicals’ (STC) ownership structure?
Until now, Samsung’s 50% stake in the STC joint venture company, which manages the Daesan refining and petrochemical complex, was held by Samsung General Chemicals (SGC).
On November 26, 2014, Samsung announced its plans to sell 81% of SGC to Hanwha, keeping an 18.5% stake for itself. The transaction will close in the summer of 2015.
2. Who is Hanwha?
Hanwha, South Korea’s eighth-largest conglomerate, has interests in finance, engineering, construction and solar energy. It is also a globally recognized chemical producer with a large petrochemical complex in southern South Korea and operations in China, India and the Middle East.
3. What’s going to change for Total?
We will learn to work with a new partner and focus on maintaining the industrial and commercial performance of one of Asia’s most efficient petrochemical complexes, in which we fully intend to maintain our position and stake.
Jean-Jacques Mosconi, Senior Vice-President Refining & Petrochemicals Orient Business Unit, TOTAL