Total set to announce major investment in Saudi gas filling stations

‘I am investing in Saudi Arabia — heavily,’ said Total CEO Patrick Pouyanne when speaking on a panel with the Kingdom’s finance and economy ministers at the WEF in Davos. (AFP)
Updated 24 January 2019

Total set to announce major investment in Saudi gas filling stations

  • Total CEO Patrick Pouyanne: We will announce in the coming days that together with Saudi Aramco we will establish a retail network in Saudi Arabia
  • The new firm, Saudi Aramco Retail Co, would create a network of filling stations within Saudi Arabia to sell automotive fuels

London: The boss of French energy giant Total has revealed plans to invest in gas filling stations across Saudi Arabia.
He was speaking on a panel with the Kingdom’s finance and economy ministers as well as the chief of Morgan Stanley at the World Economic Forum in Davos.
“I am investing in Saudi Arabia — heavily,” said Total CEO Patrick Pouyanne.
“We will announce in the coming days that together with Saudi Aramco we will establish a retail network in Saudi Arabia.”

 

Earlier this month, Aramco said it was establishing a domestic fuel retailing subsidiary as part of the national oil company’s drive to expand beyond crude oil production into downstream businesses.
The new firm, Saudi Aramco Retail Co, would create a network of filling stations within Saudi Arabia to sell automotive fuels, Aramco said last week, without giving details of the size, cost or time-frame for the network.
In April, Aramco said it had signed a memorandum of understanding with Total to evaluate the feasibility of jointly buying a retail service station network in Saudi Arabia.
Last October, Aramco and Total signed an engineering and design contract for a $9 billion petrochemical complex in the Kingdom.
The Amiral complex will be able to produce 2.7 million tons of chemicals annually and is expected to be completed by early 2024.

FASTFACTS

Aramco and Total struck a deal to develop a $9 billion petrochemical complex in the Kingdom.


Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

Updated 01 June 2020

Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

LONDON: Arab News has published the recording of an interview with a Nissan lawyer after he denied saying that a bailout of Lebanon by the International Monetary Fund (IMF) was linked to the extradition of fugitive tycoon Carlos Ghosn.

The former Nissan chairman fled to Beirut in December from Japan, where he faced charges of financial wrongdoing.

In a story published in Arab News Japan on Saturday, Sakher El Hachem, Nissan’s legal representative in Lebanon, said the multibillion-dollar IMF bailout was contingent on Ghosn being handed back to Japan. 

The lawyer said IMF support for Lebanon required Japan’s agreement. Lebanese officials had told him: “Japan will assist Lebanon if Ghosn gets extradited,” the lawyer said

“For Japan to agree on that they want the Lebanese authorities to extradite Ghosn, otherwise they won’t provide Lebanon with financial assistance. Japan is one of the IMF’s major contributors … if Japan vetoes Lebanon then the IMF won’t give Lebanon money, except after deporting Ghosn.”

On Sunday, El Hachem denied making the comments. “The only thing I told the newspaper was that there should have been a court hearing on April 30 in Lebanon, but it was postponed because of the pandemic,” he said. In response, Arab News published the recording of the interview, in which he can be clearly heard making the statements attributed to him. 

Japan issued an arrest warrant after Ghosn, 66, escaped house arrest and fled the country.