TotalFinaElf announces the signing of the final agreement for the sale of downstream assets in the US with the Israeli oil company, Alon Israel. The assets being sold consist of the Big Spring (Texas) refinery with a daily refining capacity of around 60,000 barrels of crude oil, its logistic supply and transport networks and fuels marketing supporting1,700 Fina-branded service stations.

The final signature for the sale of these assets follows the signing of a preliminary agreement by both parties in May. It is the realization of the Group’s objective announced at the time of the merger between Total and PetroFina in December 1998, to rationalize its downstream activities in the US.

TotalFinaElf remains present in the downstream sector in the US through its Port Arthur (Texas) refinery, which has a refining capacity of 175,000 barrels of crude oil a day and has the advantage of being strongly integrated into petrochemical activities which are in full expansion.

In addition, TotalFinaElf holds quality positions in the US, in specialty chemicals and through the sustained development of its upstream activities in the Gulf of Mexico.