Broker Center sponsored links

West geopolitics factor of oil scarcity-Total CEO

Thu Oct 11, 2007 9:43am EDT
 
Email | Print | | Reprints | Single Page
[-] Text [+]

By Marie Maitre

PARIS, Oct 11 (Reuters) - As global demand for oil and gas rises, consumer countries cannot afford to blacklist producing countries on geopolitical grounds, the head of Total (TOTF.PA: Quote, Profile, Research, Stock Buzz), which is present in Iran and Myanmar, said on Thursday.

"The problem is that some reserves are locked up, either because producing countries have other considerations or because of the geopolitics," Christophe de Margerie told a seminar organized by the French employers' federation MEDEF.

"I am not talking about resource nationalism from host countries, I am talking about the geopolitical game of consumer countries who want to have their cake and eat it," he said.

Total has recently been put on the spot for its presence in Iran, which is locked in a standoff with Western powers over its nuclear programme, and for remaining in Myanmar despite a bloody crackdown on peaceful protests against the country's military rulers.

The world's fourth-biggest Western energy group by market capitalisation has defended its presence in both countries.

"It's all well to say 'we want more oil, we want more gas' but you can't point your finger at certain (producing) countries" that are not democratic, Margerie said.

"I am not here to do politics or give lessons, certainly not, but we (energy groups) are here to say 'this is the situation and this is how much (production) you are taking out of the market with your (political) decisions'," he said.

"They don't like it, generally speaking - I am not talking about France - when we tell them there is a problem."  Continued...

 

Featured Broker sponsored link

Editor's Choice

  • Pictures
  • Video
  • Articles
Photo

A selection of our best photos from the past 24 hours.  View Slideshow 

Most Popular on Reuters

  • Articles
  • Video
  • Recommended