THE WALL STREET JOURNAL: EU Extends Review Of Repsol Buy Of Shell Portugal LPG Op: “The new deadline for the E.U. Commission to clear the deal or start an in-depth investigation is March 3” (ShellNews.net) Posted 17 Feb 05

DOW JONES NEWSWIRES

BRUSSELS -- The European Union Commission Wednesday extended its review by two weeks into Spanish oil company Repsol YPF SA's (REP) acquisition of Shell Transport & Trading Co. PLC's (SC,RD) Portuguese liquid petroleum gas operations.

E.U. regulators were due to rule on the deal Feb. 17. The new deadline for the E.U. Commission to clear the deal or start an in-depth investigation is March 3.

The extension could mean that the companies have submitted concessions to win antitrust clearance. It could also mean a national competition authority has requested to investigate the deal. The E.U. Commission didn't disclose the reason for the extension.

If the deal goes ahead, Repsol would become the third- largest LPG supplier in Portugal with a 21% market share, up from 5%. Financial details of the deal haven't been disclosed.

-By Steve de Bonvoisin, Dow Jones Newswires; Dow Jones Newswires; +32-2-741-14-84; steve.debonvoisin@dowjones.com