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Oil giant extends exchange to gas and electric service
Suzanna Kerridge, Paris correspondent

By Suzanna Kerridge

Published: Thursday 30 March 2000

Total Fina Elf, the world's fourth largest oil company, is to expand its presence in the gas distribution and trading market.

The company initially launched an exchange on 21 March to trade crude oil, petroleum process and precious metals. The service will now be extended to offer natural gas, electricity and base metals.

Thierry Desmarest, CEO at Total Fina Elf, claimed the liberalisation of the European and Latin American gas markets is opening opportunities for the company. He said the demand for gas as an energy source is increasing at a greater pace than the demand for other fuels.

Total Fina Elf's current partners include Royal Dutch Shell, BP Amoco, Deutsche Bank and Goldman Sachs.