During the first day of the Future Investment Initiative Forum which started on Tuesday in Saudi Arabia’s capital Riyadh, many heads of foreign companies, spoke at different sessions and signed multi-billion dollar agreements.
On one of those sessions, the CEO of French oil and gas giant Total, Patrick Pouyanne, said that the company is about to announce a retail network in Saudi Arabia soon and plans to benefit from the clean energy component in cooperation with Saudi Arabia.
He said that: “Total is looking to invest heavily next year and in short-term investments. We have strong financial capacity,” adding that “The trend three years ago with lower prices reduced the number of new projects, but now we are looking to invest more and we have more than 25 major projects across the world, our strategy is to take advantage of that we are still a low cost environment in the industry.”
He added that “Total will remain after 15 or 20 years as an oil and gas company, but we plan to add electricity generation with low carbon emissions. We like to work in the Middle East for opportunities and we hope to cooperate more with Saudi Arabia in oil and gas projects.”