French oil group Total SA (TOT) exercised its preemptive rights over the shares of Dutch refinery of Vlissingen that were offered by U.S.-based Dow Chemical Co. (DOW), it said Friday.

Total is the majority shareholder of Vlissingen with a 55% stake while Dow Chemical owns 45% of it.

Concurrently, Russia's Lukoil Holdings (LKOH.RS) submitted to Total a binding purchase offer for the shares that Dow Chemical has offered, "which constitutes the development of a new partnership between the two companies," the French group said.

Company Web site: www.total.com

-By Geraldine Amiel, Dow Jones Newswires; +33 1 40171740; geraldine.amiel@dowjones.com;