Total plans to attract $10-15 bln of investment from China for an LNG project in Russia
Total SA plans to attract $15 from China bln to finance the development of projects in Russia, CEO of Total said. Meanwhile the US sanctions make Total’s activity in Russia more complicated.
Total’s CEO, P. Pouyanné, said he hopes for a continuation of price volatility in 2015 as oil offer exceed oil demand. It is partially connected with the growing extraction from the part of new American projects. “I think the prices won’t become stable. The idea to make something stable here is wrong. Volatility has covered the raw materials business”, he said.
According to Mr. Pouyanné, Total will focus on expenditure while the oil price is falling. He also said that he can’t see any particular perspectives for large amalgamation and takeover deals in the oil sector now.
“We forecast the oil offer in 2015 to keep growing in higher rates than the oil demand”, he said. I treat this period as an opportunity to calculate the basic expenditure our company.
Among numerous difficulties Mr. Pouyanné faces are low oil prices and US sanctions on Russia. The former head of the processing subdivision occupied the post of the CEO in October after the death of Ch. de Margerie.
