French oil group won approval on Tuesday from the European Union (EU) to form a joint venture in Algeria with the African country's state-owned gas giant Sonatrach.
The new entity, based at Arzew in eastern Algeria, will produce various types of polyethylene and ethylene, targeting domestic and international markets.
The European Commission, the EU's antitrust watchdog, gave the green light to the deal under simplified procedure which applies to cases the commission believes do not pose competition concerns.
Total announced its joint venture with Sonatrach last year. The total investment would be three billion euros (4.48 billion U.S. dollars), with 51 percent from Total and 49 percent from Sonatrach.
Source:Xinhua
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