ELF GROUP TO BUY GERMAN DOWNSTREAM ASSETS

A Franco-German group led by Ste. Nationale Elf Aquitaine will buy a package of refining and marketing assets in eastern Germany and spend 4.7 billion deutschemarks ($2.99 billion) on a big modernization and expansion program. The assets include the 100,000 b/d Leuna Werke refinery and associated petrochemical plant and the 73,700 b/d Hydrienwerk Zeitz refinery, both in the Saxony-Anhalt region, and the Minol service station chain.

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