Total CEO says looking for Gulf shareholders

PARIS, April 10 | Thu Apr 10, 2008 5:09am EDT

PARIS, April 10 (Reuters) - Total hopes that funds from countries in which Total (TOTF.PA) is active, in particular Gulf countries, will invest in the French oil major, Total Chief Executive Christophe de Margerie said on Thursday

"We have a strategy to diversify our shareholder base," de Margerie told reporters on the sidelines of an oil conference.

"We would like funds to come from countries where we have long-term relationships. This is why, besides China, we would like to have equivalent partnerships coming from certain Gulf countries."

Total said last week that a state-owned Chinese investment fund has been buying shares in Total in recent months.

De Margerie declined to name the fund but said the stake amounted to around 1.3 percent, adding Total was "happy" with the move.

Asked about Iraq, where Total is one of five oil majors negotiating contracts with the authorities to increase oil output, de Margerie said:

"I know discussions are being finalised, but I don't have a date for an announcement. This is up to the Iraqi authorities."

"These are contract services. This is necessarily a transitory stage, not a proper way to work over the long term." (Reporting by Marie Maitre, Benjamin Mallet)

Related Quotes and News

Company
Price
Related News
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.