Total eyes $650m/year savings from chem/refining ops reorg by '15

24 September 2012 10:29  [Source: ICIS news]

SINGAPORE (ICIS)--French oil firm Total said on Monday that the reorganisation of its refining and chemicals operations should start yielding substantial savings by 2015.

“The ongoing restructuring of refining & chemicals is expected to provide an additional $650m (€500m) per year of net results by 2015 through improved efficiencies and synergies,” the company said in a statement.

Meanwhile, Total said it has a $15bn-20bn asset sale program over 2012-2014 as part of the company’s active portfolio management.

Looking ahead, the company expects its production potential to reach around 3m barrels of oil equivalent per day in 2017 on the back of new projects.

“Total expects to grow its output by about 3% a year on average from 2011-2015, based at a price of $100 a barrel with growth ramping up sharply in subsequent years,” it added.

($1 = €0.77)

By: Nurluqman Suratman

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