UPDATE:Total Uses Preemptive Rights Over Dutch Refinery Stake

French oil group Total SA (TOT) has 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 devleopment of a new partnership between the two companies," the French group said.

"Russian crude oil, for which Lukoil is one of the major suppliers, represents one of the main sources of the Vlissingen refinery," Total said.

The oil major also said that the type of crude oil that Lukoil supplies represents a "significant portion" of the supply for Total's European refineries.

Company Web site: www.total.com

- By Geraldine Amiel, Dow Jones Newswires; [phone]; [e-mail];