Total Becomes First Oil Major To Invest In Saudi Fuel Retail Market
Total is the first international oil major to invest in Saudi Arabia’s fuel retail market after signing a deal with oil giant Saudi Aramco to invest US$1 billion over six years in fuel and retail services in the Kingdom.
“This joint venture agreement is in line with our global strategy to expand in fast-growing markets worldwide,” said Momar Nguer, President Marketing and Services and Executive Committee Member at Total.
The deal also strengthens the Total-Aramco partnership in the Saudi downstream market.
The Saudi giant and the French group are already partners in several large-scale projects in Saudi Arabia. The two companies are shareholders in the SATORP Refinery and Petrochemical complex which processes around 400,000 bpd of Arabian Heavy Crude Oil.
Total, Orsted and Elicio join forces to bid for a wind farm offshore Dunkirk
Total, Ørsted, a renewable major, and Elicio, a renewable energy producer have been preselected by the French Energy Regulatory Commission, announce the creation of an industrial consortium to submit a joint bid for the Dunkirk offshore wind farm project for a power capacity of up to 600 MW.
"Total's participation in this offshore wind bid is in line with our strategy to develop low-carbon electricity business in Europe. Our recognized offshore oil and gas know-how combined with Ørsted market- leading expertise across the offshore wind energy value chain, as well as that of Elicio, an experienced developer qualified from the beginning of the bid, provide a solid foundation for success of a safe and competitive project “, commented Philippe Sauquet, President Gas, Renewables and Power at Total.
Total publish 2018 results
Total recently approved the Group's 2018 accounts.
Commenting on the results, Chairman and CEO Patrick Pouyanné said: "Benefiting from the rise of oil prices to $71/b on average in 2018 compared to $54/b in 2017, while remaining volatile, the Group reported adjusted net income of $13.6 billion in 2018, an increase of 28%, a return on average capital employed close to 12%, the highest among the majors, and a pre-dividend breakeven below 30 $/b.
