April 10, 2008: Total today announces that it is merging its operations in Portugal with those of Cepsa to create a major operator in the Portuguese petroleum product market. The new company will have a market share of almost 11%, a network of 300 service stations and a strengthened position in specialties, including lubricants, bitumen, aviation fuel and liquefied petroleum gas (LPG). The service stations will be co-branded Cepsa/Total, while lubricants will be marketed under the Total, Cepsa and Elf brands. Cepsa will manage the new entity.
Total has been a Cepsa shareholder since 1990 and holds a 48.83% interest in Spain’s second-ranked petroleum company.
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