CEPSA, second largest energy producer in Spain and its main shareholder, the Franco-Belgian group TOTALFINAELF (44% o the capital) are studying the possibility of merging their natural gas marketing activities in Spain. The operation involves a rapprochement between CEPSA COMMERCIALIZADORA DE GAS and TOTALFINAELF GAS POWER, subsidiary that the group has just created to market gas in Spain. In addition, CEPSA and its Canadian associate SGF - SOCIETE GENERALE DE FINANCEMENT DU QUEBEC have announced the creation of a subsidiary held to the tune of 51% by the Spanish firm and 49% by the Canadian, responsible for the construction and operation of a petrochemicals plant in Montreal that will manufacture raw material for the polyester industry. This project represents an investment of 83.2 bn pesetas.