L R AS Published on Friday 27 March 2020 - n° 315 - Categories:various sectors, French companies

Total in the face of the crisis

"Total is facing three simultaneous crises," said CEO Patrick Pouyanné: the coronavirus, the collapse of oil prices and climate change. Faced with these challenges, the company is "taken to task" in the media to play a more positive role in the energy transition.

Total had budgeted for oil at $60 a barrel. If prices were to remain at $35 for the rest of the year, the company would lose $9 billion, the CEO said. At the time, Brent crude was trading at $25, after spending the best part of a week below $30. To make up for the foreseeable loss, Total will reduce its annual spending by 20%. However, it seems that Total's commitment to the energy transition will not be immediately affected, because according to the CEO, "Total's "new energy" activities will benefit from a reduction in the cost of energy production.Thus, Total continues to deploy a major expansion of energy storage manufacturing through its subsidiary Saft, in partnership with the car manufacturer Opel.»

Total is preparing to produce energy storage batteries via its Saft subsidiary, in partnership with the car manufacturer PSA.

GreenTech Media of March 23rd

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