TotalFinaElf announced the sale of its 8 % holding in Ultramar Diamond Shamrock Corporation back to Ultramar Diamond Shamrock for approximately US $ 230 million. The sale is expected to close on February 13, 2001. TotalFinaElf acquired the stake in UDS pursuant to UDS’s acquisition by merger of Total’s North American refining and marketing subsidiary in 1997.

According to Mr. VETTIER, President of Refining and Marketing of TotalFinaElf, "UDS’s recent decision to proceed with a major share repurchase created an opportunity to accomplish this sale. The sale reflects TotalFinaElf¿s announced strategy to dispose of non strategic assets and is part of the rationalization of our downstream position in the USA. We intend to pursue our cooperation with UDS on technology exchanges and other mutually beneficial activities. We will now concentrate our downstream operations in the United States at the Port Arthur refinery (Texas)".