Under an agreement with Agip Petroli and GALP, TotalFinaElf plans to sell its 186 Total-branded service stations in Spain in return for the acquisition of 195 Agip Petroli service stations in Italy and 111 GALP service stations in Portugal.

The agreement will allow TotalFinaElf to strengthen its marketing positions in both Italy and Portugal. The Group already acquired 40 highway service stations in Italy from Agip Petroli in July 2001.

In Spain, TotalFinaElf will continue to wholesale fuel to the industry and agriculture segments and to market specialties (notably lubricants). In addition, the Group owns a 45.3% interest in Cepsa, which holds approximately 19% share of the Spanish service station market network.

The final signature of the agreement remains subject to the approval of the relevant competition authorities.

The agreement will extend TotalFinaElf's retail positions in the leading European Union markets.