Since 1975
  • facebook
  • twitter
  • Home
  • Business
  • Total: Saudi Amiral project spared planned spending cuts

Total: Saudi Amiral project spared planned spending cuts

Total, like many oil companies, has announced deep cuts in spending. (AFP)
Total, like many oil companies, has announced deep cuts in spending. (AFP)
Short Url:
29 Apr 2020 03:04:08 GMT9
29 Apr 2020 03:04:08 GMT9
  • Total said, adding the partners were pursuing efforts to keep to the announced schedule

PARIS: French energy major Total said its joint $5 billion petrochemical project with Saudi Aramco in the Saudi city of Jubail will not be hit by planned cuts in investment, although the partners were focused on controlling costs.

Total, like other oil companies, has announced deep cuts in spending, and is expected to shelve some projects after restrictions on movement to contain the coronavirus destroyed fuel demand and led to a collapse in the price of oil.

“The recently announced objective by Total to reduce its capital expenditure for 2020, including $500 million in the downstream sector, does not include this project,” Total said in a statement to Reuters on Tuesday.

It said the partners were focused on controlling the cost and engineering studies for the petrochemical complex located next to the Satorp refinery were underway.

The complex, which would comprise a mixed-feed cracker with the capacity to produce 1.5 million tons a year of ethylene, is expected to start in 2024,

Total said, adding the partners were pursuing efforts to keep to the announced schedule.

Most Popular
Recommended

return to top