Stmt re ZuataSweet Production

Total Fina Elf.
18 March 2002


Venezuela: First Zuata Sweet Syncrude Production from Sincor

Paris, March 18, 2002 - TotalFinaElf announces first production of Zuata Sweet 
syncrude from the Jose upgrader facility on the Caribbean coast, as part of the 
Sincor Project.

TotalFinaElf is the main shareholder in the project consortium, with a 47% 
interest. Its partners are state-owned Petroleos de Venezuela SA (PDVSA) and 
Statoil, holding interests of 38% and 15% respectively.

Following this latest milestone, the entire Sincor integrated chain is now on 
stream, with the objective of producing at its plateau, 180,000 b/d of high 
quality 32 degrees API syncrude with a very low sulphur content, from a 
feed-stock of 200,000 b/d, 8-8.5 degrees API extra-heavy oil produced in the 
Zuata region of the Orinoco Belt. The contract covers a production period of 35 
years.

The first shipment of Zuata Sweet is planned to sail before the end of March 
from the Jose terminal to the TotalFinaElf Port Arthur refinery on the United 
States Gulf coast. Regular deliveries to the market will start in April 2002 and 
will increase gradually over the following months.

The start-up of Sincor syncrude production at the Jose upgrader, one of the 
largest facilities of its kind in the world, was achieved only 42 months after 
the project sanction. Overall investment in the project totalled $4.2 billion, 
in line with the budget announced.

For more information, please consult our Sincor web-magazine at:
www.totallfinaelf.com/webzin/anglais/index.htm


                      This information is provided by RNS
            The company news service from the London Stock Exchange