Upstream focus of Total Fina 1999 spending

The soon-to-be-merged Total Fina group will make upstream its priority, as far as spending is concerned, says Total Chairman and CEO Thierry Desmarest. This year, the upstream sector will account for 60% of the 4 billion euros earmarked for investments. "The Middle East and Latin America is where we will invest most over the next 2 years," said Desmarest. Iran is a key focus for Total, with its heavy involvement in the Sirri A and E fields (OGJ, Apr. 5, 1999, p. 30). The remaining 1.6 billion euros of Total Fina's capital spending budget will be apportioned equally between its refining/distribution and chemicals businesses. Total Fina will maintain this spending em...

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