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ELF TO BUY SOME BP AFRICAN R&M ASSETS

March 9, 1992

Ste. Nationale Elf Aquitaine agreed to purchase BP Oil's refining/marketing interests in West Africa and Tunisia. Terms aren't disclosed for the deal involving BP's 650 service stations in 12 countries, representing a 14% market share, and its minor interests in three refineries in Gabon, Ivory Coast, and Senegal. Elf is a major upstream player in West Africa and has refining interests in Cameroon, Ivory Coast, Congo, Gabon, Morocco, and Senegal. Its biggest market share is in

Ste. Nationale Elf Aquitaine agreed to purchase BP Oil's refining/marketing interests in West Africa and Tunisia.

Terms aren't disclosed for the deal involving BP's 650 service stations in 12 countries, representing a 14% market share, and its minor interests in three refineries in Gabon, Ivory Coast, and Senegal.

Elf is a major upstream player in West Africa and has refining interests in Cameroon, Ivory Coast, Congo, Gabon, Morocco, and Senegal. Its biggest market share is in Nigeria, where it has 110 service stations and about 5% of the market.

Involved in the proposed sale are BP's 3% stake in the 23,000 b/d Port Gentile refinery operated by Ste. Gabonaise de Raffinage, 5% holding in Ste. Ivoirienne de Raffinage's 59,000 b/d Abidjan refinery, 12% interest in the 24,000 b/d Dakar plant operated by Ste. Africaine de Raffinage, and BP marketing assets in Burkina Faso, Cameroon, Ivory Coast, Gabon, Gambia, Ghana, Mali, Senegal, Togo, Mauritania, and Tunisia. BP is retaining its downstream business in South Africa and in East Africa.