Chairman's AGM Statement

Total Fina Elf.
25 May 2000


                  Shareholders' Meeting of May 25, 2000
       Highlights of Chairman and CEO Thierry Desmarest's Address

Paris, May 25, 2000 -- At the Annual Meeting of TotalFinaElf shareholders
on May 25, 2000 Thierry Desmarest commented:

'TotalFinaElf's   proforma  net  income  (Group   share),   excluding
non-recurring items rose to 3,349 million euros in 1999, a  24%  increase
as  compared  to  proforma 1998. Proforma 1999 net income (Group  share)
including  non-recurring items was 3,496 million euros, a 93% increase  as
compared to proforma 1998. The 1999 environment was volatile. Oil  prices
surged  to  new  highs, but refining and petrochemical margins  fell  off
sharply.  Growth, productivity gains, and the initial synergies  stemming
from  the  merger  with  Petrofina led to a  significant  improvement  in
operating results.'

'The  merger  of  Totalfina and Elf Aquitaine, which was approved  by  the
European  Commission  on February 9, 2000, has led  to  the  creation  of
TotalFinaElf,  France's largest industrial group and  the  fourth-largest
oil  company worldwide. Employee teams will now be combined  into  a  new
organization, business by business. The two successive mergers will allow
TotalFinaElf to capture significant synergies of 2.35 billion  euros  per
year from 2003, in addition to existing growth and productivity programs.
In  a  constant environment, these actions should lead to an increase  in
operating  results  of 4.4 billion euros per year in  2003,  compared  to
proforma 1999. This increase should permit the doubling of the net result
during the same period.'

'For the year 2000, TotalFinaElf expects to maintain its investments at  a
high  level  of  8 billion euros. Two-thirds of the investments  will  be
dedicated  to  Upstream  growth,  with strict  selection  criteria  being
maintained  even  though the current environment is  more  favorable.  By
2005,  the  capital employed in the Upstream should reach 50%, while  the
Downstream  should decline to 25%, and the share of Chemicals  should  be
25%.' 

'Regarding the TotalFinaElf results for the first quarter 2000, we have
benefited  from  a favorable environment, with an average  oil  price  of
$27/barrel,  European refining margins of more than  $14/tonne,  and  a
stronger dollar relative to the euro. Thanks to this environment  and  to
the  actions  taken  by our employee teams, all of the business  segments
have  improved their operating results. Globally, the net result for  the
first  quarter  2000  tripled as compared to the proforma  first  quarter
1999,  rising to approximately 1.65 billion euros. Expressed in  dollars,
the  increase is in line with that of our largest competitors.  In  April
and May, we continued to enjoy a favorable environment and our operations
continued  to develop favorably, leading us to expect satisfactory  first
half results.'

Media Contacts:
Thomas Saunders           01 47 44 42 30
Catherine Enck            01 47 44 37 76
Elisabeth de Beaumont     01 47 44 63 79
Eve Gautier-Roux          01 47 44 47 66
Fabien Ghez               01 47 44 63 77