Associates First Capital Corp. has signed an agreement to acquire Shell Oil Co.'s $272 million private label card portfolio. Terms of the deal were not disclosed.

The Shell portfolio is currently held by Equilon Enterprises and Motiva Enterprises, joint venture companies of Shell, Texaco, and Saudi Aramco.

The deal will add 2.3 million card accounts to Associates' seven million gas card customers. Dallas-based Associates also issues credit cards for Texaco.

"Adding the Shell proprietary credit card portfolio to our existing Texaco portfolio will further expand our position as the leading credit card issuer for the retail gasoline market," said Joseph N. Scarpinato, senior executive vice president of credit card operations for Associates.

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