ELF GROUP WILL SPEED STUDY FOR SHANGHAI AREA REFINERY

France's Ste. Nationale Elf Aquitaine and partners will step up the pace of feasibility studies for construction of a large refinery in the Padong area, near Shanghai, China. The action follows a visit to China by Elf Pres. Loik Le Floch-Prigent. Studies are in a very early stage in partnership with China's Sinopec and others. Elf, meantime, has signed a trade agreement National Chemicals Import & Export Corp. (Sinochem) calling for a 3 year, $1 billion exchange of crude oil,

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