Elf Aquitaine confirms that it has decided not to pursue its proposed strategic alliance with the russian company Sibneft.

In recent weeks, Elf has become increasingly concerned at the continuing volatile investment climate worldwide, particularly in Russia. In light of these recent economic developments and the continuing low oil price, Elf has terminated the current negotiations. However, the two companies will continue to explore the possibility of other types of mutual cooperation in the future.

Catherine Durand    33 1 47 44 37 76
Fabien Ghez            33 1 47 44 63 77