TotalFinaElf, Shell to swap service stations

TotalFinaElf SA, in an agreement signed with Royal Dutch/Shell Group, will acquire 133 service stations in Germany from Shell unit Shell-DEA in exchange for 7 of its own stations in France, 33 in the Czech Republic, and 70 in Hungary.

April 4, 2003

By an OGJ correspondent

PARIS, Apr. 4 -- TotalFinaElf SA, in an agreement signed with Royal Dutch/Shell Group, will acquire 133 service stations in Germany from Shell unit Shell-DEA in exchange for 7 of its own stations in France, 33 in the Czech Republic, and 70 in Hungary.

The agreement, TotalFinaElf said, will bring the company closer to its aim of owning 10% of Germany's market share; Currently the company owns 1,200 stations in that country.

Also, the transaction marks the exit of TotalFinaElf from the Czech Republic and Hungary, where it had less than 5% of the market share. The company will, however, remain immersed in specialty products in Germany, namely in lube oils, LPG, bitumens, jet fuel, solvents, and paraffins.