Russia remains key strategic partner for Total - CEO
EDITOR'S CHOICE | 18.11.2014

Russia remains key strategic partner for Total - CEO

Sanctions against Russia pose risk to Europe as a whole, Total CEO Patrick Pouyanne said in an interview with Belgian daily Le Soir. Russia remains the key strategic partner for French oil giant Total, believes Patrick Pouyanne.

«We are speaking here about the most important strategic choice made by (Total late CEO) Christophe de Margerie. We will remain in Russia for a long time,» Pouyanne said. 

According to him, Total sticks to the European Union’s embargo, however, Pouyanne said that «thinking that sanctions could help resolve diplomatic issues means to subject all Europe to risks.» He admitted that Total became vulnerable with the Western sanctions imposed on Russia, as it has assets worth billions of dollars in the country. 

"Oil and gas are a part of the economy and geopolitics. We work with the subsoil and natural resources of other countries, so we must carry on a dialogue with them," he stressed. He also said that despite a drop in oil prices Total intends to continue oil exploration and raising production 30 percent to 2.8 million barrels per day in 2017.

On October 29, the first day of the conference Total Finance Director Patrick de La Chevardiere said that the French company would fully fund its share in the Yamal LNG project by March 2015.

The Yamal liquefied natural gas (LNG) project plans construction of a liquefied natural gas LNG-producing plant with annual capacity of 16.5 million tons of LNG with resources at Yuzhno-Tambeiskoye field. Proved and probable gas reserves at the field make 907 billion cubic metres.


Tags: Total  France  Russia