13 February 2013 11:08 [Source: ICIS news]
SINGAPORE (ICIS)--Total’s asset sales will reach $15bn (€11bn) by the end of 2013, amid ongoing restructuring of its refining and chemicals segment, the French energy firm said on Wednesday.
“In executing its 2012-2014 asset sale programme of $15-20bn, the group sold $6bn of assets in 2012, and anticipates reaching the low-end of its target range by the end of 2013, with the closing of the Usan sale and other divestments already in progress,” Total said in a statement.
The company’s adjusted net income last year rose by 8% to €12.4bn, with fourth-quarter adjusted net income at €3.08bn, up by 13% year on year.
Total’s refining and chemicals segment generated a 67% increase in full-year earnings to €1.41bn, with profit in the last quarter of 2012 surging to €406m, from €35m in the same period in 2011.
“In refining and chemicals, the restructuring in progress should yield productivity gains and provide synergies in 2013, and in turn contribute to increased profitability, Total said.
“The year 2013 also should be highlighted by the start-up of Jubail in Saudi Arabia. This fully-integrated refinery will have a 400,000 bbl/day capacity for heavy crude and will provide refined products to growth markets like the Middle East and Asia,” the company added.
Total has a 37.5% stake in the refinery being built in Saudi Arabia, in partnership with state-owned oil and gas firm Saudi Aramco.
Total said it has an organic investment budget of $28bn for 2013, 80% of which will be dedicated to upstream development projects due for start-up before 2017.
($1 = €0.74)
Initial reporting by Surinder Mahli
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