Re Agreement

Total Fina Elf.
10 July 2002


     TotalFinaElf Plans to Acquire Service Stations in Italy and Portugal 
          and to Sell Service Stations in Spain

Paris - July 10, 2002 - Under an agreement with Agip Petroli and GALP,
TotalFinaElf plans to sell its 186 Total-branded service stations in Spain in
return for the acquisition of 195 Agip Petroli service stations in Italy and 111
GALP service stations in Portugal.

The agreement will allow TotalFinaElf to strengthen its marketing positions in
both Italy and Portugal. The Group already acquired 40 highway service stations
in Italy from Agip Petroli in July 2001.

In Spain, TotalFinaElf will continue to wholesale fuel to the industry and
agriculture segments and to market specialties (notably lubricants). In 
addition, the Group owns a 45.3% interest in Cepsa, which holds approximately
19% share of the Spanish service station market network.

The final signature of the agreement remains subject to the approval of the
relevant competition authorities. 

The agreement will extend TotalFinaElf's retail positions in the leading 
European Union markets.


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