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Russia remains key strategic partner for Total — CEO

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PouyannePatrick Pouyanne, new Total CEOSanctions against Russia pose risk to Europe as a whole, Total CEO Patrick Pouyanne said.

Russia remains the key strategic partner for French oil giant Total, Patrick Pouyanne, new CEO of the company, said in an interview with Belgian daily Le Soir.

Pouyanne said that under conditions of Western sanctions against Moscow, Total is vulnerable in Russia “where it keeps assets worth of billions of dollars.”

“At the same time there (in Russia) are vast natural resources,” he said. “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.”

France’s energy giant Total does not want to change its plans in Russia, Pouyanne said earlier. Patrick Pouyanne was appointed as the director general of the French oil giant Total on October 22 after former CEO Cristophe de Margerie died in a jet crash at the Moscow airport.

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.

November 10 2014, 17:25

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