Oil giant TotalFinaElf is considering a plan to merge its various UK pension schemes.
TotalFinaElf has submitted a proposal to the trustees of each of its UK based pension schemes, which if carried out, would see the creation of a new fund worth approximately £1.2bn.
According to a source at the fund, plans to merge the schemes are still in their infancy. The proposal is being studied by the trustees of each of the UK schemes, and they are taking legal advice. TotalFinaElf's UK based pension schemes include the Total Oil pension scheme, the Fina pension scheme, the Elf Exploration UK pension scheme and the Elf Atochem UK pension fund.
TotalFinaElf is the fourth largest oil company in the world, and has operations in more than 100 countries. The firm's activities range from oil and gas exploration and production, the refining and marketing of petrol products, as well as international trading in both crude and refined products.
TotalFinaElf also operates in the chemicals markets, through its Atofina subsidiary. Atofina is the combined result of Totalfina and Elf Aquitaine's chemical activities. In 1999, Totalfina was created when Total and PetroFina merged. TotalFinaElf was formed in 2000 when Totalfina merged with Elf Aquitaine.
By Geoffrey Ho
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