Atofina Acquisition

Total Fina Elf.
17 September 2002


            Qatar: Atofina buys out Enichem's 10% Interest in Qapco

Paris, September 17, 2002 - Atofina, the Chemicals branch of TotalFinaElf Group,
finalised the purchase of Enichem's 10% share in Qatar Petrochemical Company
(Qapco) on September 16th 2002. The deal raises Atofina's interest in Qapco to
20%, making the Company the only remaining partner of the national oil company
Qatar Petroleum which owns the other 80%. Qapco currently produces 525,000
tonnes per year of ethylene used as feedstock for its 380,000 t/y polyethylene
(LDPE) plants and for those of the Qatar Vinyl Company (QVC) chlorochemicals
complex.

This deal allows Atofina to consolidate its direct involvement in two major
projects to develop its petrochemicals operations in Qatar through the creation
of Qatofin, a joint venture held by Atofina (36%), Qapco (63%) and Qatar
Petroleum (1%), announced in June this year. Atofina there raises to 22.2% its
interest in the 1.3 Mt ethane cracker due for start-up in 2007 at Ras Laffan, in
the North-East of the country. At the same time, Atofina increases to 48.6% its
shareholding in a new 450,000 t/y polyethylene (LLDPE) plant which will be built
in Mesaieed, in the South-East of Qatar, with start-up scheduled for 2007.

Meanwhile, Atofina raises its share from 16.1% to 19.29% in Qatar Vinyl Company
(QVC), the chlorochemicals complex located in the industrial zone of Mesaieed
which came on stream in the spring of 2001. This complex is jointly owned by
Qatar Petroleum, Qapco, NorskHydro and Atofina.

This latest transaction demonstrates Atofina's strategic commitment to expanding
its petrochemicals activities in Qatar for the fast-growing markets of South-
East Asia. It also provides the TotalFinaElf Group with the opportunity to
consolidate its presence in the country through industrial synergies between its
Upstream and Chemicals branches in the gas sector.


                      This information is provided by RNS
            The company news service from the London Stock Exchange