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Total CEO eyes cutting costs, continuing Yamal LNG project

PARIS -- Patrick Pouyanne, CEO of major French oil company Total, said in an interview with The Nikkei that his company is discussing with Japanese financial institutions how to raise funds for its Yamal liquefied natural gas project in northwestern Russia. Total is having difficulty securing funding for the project. In view of the low crude oil prices, Total aims to cut costs by $3 billion over the next three years and strictly curb investment, Pouyanne said. Renewable energy will grow to 10% of Total's overall business within 15-20 years, he added.

Q: How do you reinforce the cooperation with Japanese partners like Inpex in Australia and Indonesia, Myanmar, etc? Do you have any concrete plans for cooperation?

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