Total CEO confirms plan to enlarge joint venture with Saudi Aramco

Patrick Pouyanne, Chairman of the Board and Chief Executive Officer of Total, attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 25, 2018. REUTERS/Denis Balibouse

PARIS (Reuters) - The chief executive of Total SA on Tuesday confirmed the French oil major intends to enlarge its refinery joint venture with state oil giant Saudi Aramco.

“We are planning to enlarge our joint venture with Saudi Aramco. We have a very big refinery there and the next step in order to add value is to enter into chemicals and petrochemicals,” Total CEO Patrick Pouyanne said at a Franco-Saudi economic forum in Paris.

“Not only will we invest, but we will ask other companies to participate,” he added.

Sources told Reuters last week that the agreement would include an extension of the petrochemical complex at Saudi Arabia Total Refining and Petrochemical (SATORP) refinery in Jubail and could also include adding a cracker unit.

Reporting by John Irish; Writing by Richard Lough; Editing by Sudip Kar-Gupta