Re Contract

Total S.A.
20 January 2004

           Total signs a long term contract to charter new Stena P-MAX tankers

Paris, January 20, 2004 - Total signed yesterday a five year contract to charter
the first two Stena P-MAX tankers currently under construction.

The new P-MAX (Product-Max) class of tankers are medium-sized, short and wide-
bodied with reduced draft. They have an intermediate loading capacity of 65,000
tons, between the standard 45,000 ton vessels and the 70 to 80,000 ton Panamax.
These tankers, specially designed for efficient and safe transportation, are
under construction in the Croatian shipyard Brodosplit in Split for delivery in
2005 and 2006.

Mr Bertrand Thouilin, general manager of Total's Shipping Division said: 'The 
P-Max project reinforces Total's policy of long-term commitment to high quality
shipping owners and managers'.

The new tankers, specifically engineered to reduce the risk of accidents and oil
pollution, are the result of a two year collaboration between the technical and
commercial departments of Total and Stena. The P-Max tankers have two engine
systems, double rudders and double propellers for maximum reliability and
manoeuvrability. In addition, the navigation and bridge systems have been
enhanced for better control of the ship, particularly in heavy traffic. The
bridge has a 360-degree view and a cockpit inspired by the aircraft industry.

Enhanced structural strength and ice design, in compliance with the most
restrictive regulations of European countries, will also allow the P-MAX tankers
to follow ice-breakers in ice up to 80 cm thick.

Mr Dan Sten Olsson, CEO of the Stena Group stated: 'Our objective of providing
ever safer tanker transportation is best met by close cooperation with the most
demanding oil majors. In our group we have had the highest focus on this project
and both I and the Chairman of Stena Maritime in France, Mr Jean-Paul Parayre
have been involved'.

Mr Lars Carlsson, President of Concordia Maritime (owners of the vessels),
added: 'Good transportation systems which are both economically viable and
environmentally sound have been the ambition of the Total/Stena working teams'.

Total is the fourth largest oil and gas company in the world with operations in
more than 130 countries. Total's activities cover the whole energy chain of the
petroleum industry: exploration, oil and gas production, refining and marketing,
trading and power generation. The Group is also a major player in chemicals
through its chemicals branch, Atofina. Total has 121,500 employees worldwide.
More information can be found on the company's website: www.total.com

The Stena Sphere with the three parent companies Stena AB, Stena Sessan AB and
Stena Metall AB, wholly owned by the Sten A Olsson family, and the partly owned
subsidiary, Concordia Maritime AB, operates in ferry lines, shipping, offshore
drilling, trading/recycling of steel, metals and paper, properties and finance.
Total revenue MSEK 28,200, Employees 11,800 and profit MSEK 1,120.

Concordia Maritime is an international tanker owning company specialized in
owning and operating very safely built tankers with double propulsion and high
safety margins. Concordia owns two VLCCs of the V-MAX concept built 2001 and
have six P-MAX product tankers on order for delivery in 2005-2006. Concordia is
publicly quoted on the Stockholm stock exchange with Stena as the majority share
holder. Website: www.concordia-maritime.se

Press Contacts:

Total: Charles-Edouard Anfray -    Tel.: + 33(1)47 44 65 55 - 
                                   Mobile: + 33(6) 89 73 28 70 

Concordia Maritime: Lars Carlsson -Tel.: + 46 31-85 50 03 - 
                                   Mobile: + 46 704-85 50 03





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