SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the month of October, 1998
PETROFINA
(Translation of registrant's name into English)
52 Rue de l'Industrie
B-1040 Brussels
Belgium
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities and Exchange Act of
1934.
Yes No X
If "yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b); 82-
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PETROFINA
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PetroFina S.A. October 1, 1998
Public Relations and Communication
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PRESS RELEASE
PetroFina and Solvay announce polyethylene co-operation agreements.
PetroFina has concluded two co-operation agreements with the Solvay Group in the
area of high density polyethylene (HDPE), the first one being industrial and the
second one being technological. The agreements will enable the two companies to
respond in a progressive manner to the increasing demand for high density
polyethylene in Europe. In addition both companies will be in a position to
increase their research activities and accelerate their industrial applications
in this area.
With regard to industrial operations, PetroFina and Solvay will share the
production of two HDPE plants, each with an individual capacity of 250,000
tonnes, which are to be built in Belgium. Solvay will build and operate the
first plant which is expected to become operational by the year 2002, while
PetroFina will build and operate the second plant which is expected to become
operational by the year 2005. Each company will own its plant.
In this way, both companies will be able to progressively adapt their supply to
the evolving market demand, benefiting from economies of scale and from world
class production units which are flexible, competitive and dependable.
With regard to research and development activities, Fina will grant Solvay a
world license covering Fina technology specific to the production of HDPE using
metallocene catalysts. For its part, Solvay will provide Fina, through a world
license with its technological know-how regarding the production of HDPE using
chromium catalysts.
These two companies will jointly pursue their research into the development of
metallocene and other catalysts and their development of corresponding resins.
Through this co-operation, Fina and Solvay will be able to increase their
available financial, scientific and human resources in order to master and use
the industrial technologies of the future.
High density polyethylene is a polymer with diversified and increasing
applications, currently enjoying an annual increase of 5% in world demand. It is
primarily used in the manufacturing of gas tanks and other car accessories, in
packaging films, bottles and pipes used in the distribution of gas and water
under high pressure.
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PetroFina (NYSE :FIN) is an international integrated petroleum and petrochemical
group employing some 14,500 persons in 44 countries with its headquarters
located in Brussels, Belgium. For the 1997 financial year, the company realised
sales of 20.3 billion dollars (BEF 727 billion) and earned a net income of 618
million dollars (BEF 22.1 billion).
PetroFina is a HDPE producer in Europe and the United States with annual
production capacity expected to reach 885,000 tonnes by 1998 year-end, making it
the third largest in Europe and the seventh largest in the world. The Group has
developed a particular expertise in the area of metallocene catalysts.
Solvay is one of the world leaders in HDPE accounting for nearly one billion
dollars (BEF 40 billion) in sales and representing 36% of its Plastics Division
sales. Solvay is an international chemical and pharmaceutical group employing
some 34,000 persons in 46 countries with its headquarters located in Brussels,
Belgium. For the 1997 financial year, the company realised global sales of 8.4
billion dollars (BEF 311 billion) from its four operating divisions: Chemical,
Plastics, Processing and Pharmaceuticals.
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This press release is also available in Flemish
This press release is also available in French
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PetroFina S.A. September 25, 1998
Public Relations and Communication
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PRESS RELEASE
PetroFina and its partners acquire LASMO interest in Tempa Rossa.
PetroFina, Eni, Enterprise Oil and Mobil today announced the joint acquisition
of LASMO's interest in the Tempa Rossa Field in Southern Italy. The joint
consideration, which includes stakes in the concessions of Gorgoglione and Tempa
d'Emma, in addition to nearby exploration acreage, is US$ 33.6 million, and the
transfer will be effective 1st July 1998, subject to the approval of Italian
Government Authorities.
The acquisition is made through the purchase of Lasmo's interest by the existing
four owners of the field, Eni, Enterprise, Fina and Mobil, such that each of the
four companies will ultimately hold similar equity in a unified development. The
acquisition has allowed partners to progress the development plans for this
heavy oil field on the basis of equities fixed for field life and agreed
arrangements for operatorship, with Eni operating the development and Fina the
production.
The acquiring companies expressed satisfaction for the purchase given the
encouraging results obtained from the Tempa d'Emma well earlier this year, which
showed a potential for significant increase of the reserves.
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This press release is also available in French
This press release is also available in Flemish
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PetroFina S.A. September 8, 1998
Public Relations and Communication
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PRESS RELEASE
Consistent with its strategy to concentrate marketing activities around its
refineries, PetroFina has signed a Memorandum of Understanding with Shell
regarding the exchange of Fina's marketing activities in Norway for a number of
Shell service stations in the Netherlands.
Over recent years, in a highly competitive market, Norske Fina have improved the
quality of their operations and increased their market share. However, the
integration of Fina's marketing operations into those of Shell would enhance the
competitiveness of the expanded operation, with Norske Fina staff becoming part
of the Shell organisation.
In the Netherlands, through the acquisition of this portfolio of Shell service
stations, Fina will reinforce its presence in the Benelux, reflecting its
strategy to concentrate the Fina Network in the hinterland of its refineries.
The proposed exchange between the two companies, which should be concluded
before the end of this year, remains subject to due diligence, completion of the
necessary agreements and regulatory approvals.
The scope of the proposed exchange is limited to marketing operations and
excludes exploration and production activities. As an important player in the
Norwegian Continental Shelf since it was first opened for exploration, PetroFina
remains committed to the development of its upstream activities in the country
through its wholly owned subsidiary, Fina Exploration Norway.
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Note to the editors:
The Fina European network consists of approximately 3,600 service-stations
located in the Benelux, Italy, western Germany, eastern UK, France, northern
Spain and southern Norway. Today, Norway represents less than 3% of the oil
products sales of Fina in Europe.
During the last 5 years, through several purchases, sales or exchanges of
service stations, the PetroFina Group has concentrated its network in
geographical areas where it benefits from major logistic advantages through the
proximity of its refineries or the presence of company owned depots. This
strategy to focus on sales supported by core logistics, combined with a
programme to modernise the points of sale and to improve the commercial offering
supported by the introduction of a new visual identity has, during the last
three years, led to a 5% increase per year of the network sales and a 25% rise
of the average throughput per station.
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This press release is also available in French
This press release is also available in Flemish
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PETROFINA
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PetroFina S.A. September 3, 1998
Public Relations & Communication
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PRESS RELEASE
Angola: PetroFina announces fourth discovery in Block 17.
PetroFina participated in a fourth oil discovery in Block 17 in the deep Angolan
offshore.
This discovery, called LIRIO 1, will be added to Girassol, Dalia and Rosa
already made between 1996 and 1998 on this Block.
The LIRIO 1 well drilled by 1.365 meters of water is located 32 kilometers NW of
Girassol. It is the fifth wildcat on this Block.
The well flowed during the test 11,000 bbls/day of a good quality oil.
This new discovery confirms the great oil potential of Block 17 already
materialized by official launching on the 8th of July 1998 of Girassol
development.
Elf Exploration Angola is operator on Block 17, with a 35% interest. The other
partners are: Esso Exploration Angola (Block 17) 20,00 %, BP Exploration Angola
Ltd. 16,67 %, Den Norske Stats Oljeseskap a.s. 13,33 %, Norsk Hydro ASA 10,00 %,
Fina Exploration M.B., B.V. 5,00 %.
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This press release is also available in French
This press release is also available in Flemish
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PETROFINA
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PetroFina S.A. August 27, 1998
Public Relations & Communication
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PRESS RELEASE
PetroFina is pleased to announce that the Badami Field in Alaska started
production on 24 August 1998.
The Badami Field is located approximately 35 miles east of Prudhoe Bay and
contains recoverable oil reserves estimated at 120 million barrels. Production,
which is expected to eventually peak at around 30,000 barrels a day, started
over a month ahead of schedule. The oil will be exported via the Trans-Alaska
pipeline.
The field was discovered in 1990 by PetroFina and Conoco. BP acquired Conoco's
share in 1993 and since then has operated the field with a 70% share. PetroFina
holds the remaining 30%. The development started in March 1997.
Badami is the first of a new generation of similarly sized oil fields in Alaska.
A few years ago, the exploitation of these fields was considered uneconomical,
but thanks to technical advances they can now be developed with greatly reduced
costs and excellent levels of ecological care.
PetroFina owns 76 onshore and offshore exploration licences in Alaska, putting
it in fifth place among the companies operating in the region. The Group also
has shares in the Sandpiper and Liberty offshore Fields whose developments plans
are currently being evaluated. Therefore North Alaska is a region rich in
opportunities for PetroFina and it intends to continue its expansion there.
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This press release is also available in Flemish
This press release is also available in French
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
PETROFINA
Date: January 21, 1999 By: /s/ Francois Vincke
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Name: Francois Vincke
Title: Secretary General
