21 jun: Spanien/rapport: Bankerne har brug for 62 mia. euro
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21-06-2012 20:33:00

Total 'More Optimistic' on Russian Prospects After Putin Meeting

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ST. PETERSBURG, Russia--Total SA (TOT) Chief Executive Christophe de Margerie said Thursday he felt "more optimistic" about investing in Russia's energy sector after a meeting with President Vladimir Putin that lasted more than an hour.

Capping the second day of a major investment conference here, Mr. Putin addressed a closed audience of chief executives of the world's largest energy companies.

"I feel more optimistic after I left the room," said Mr. de Margerie. "The president confirmed his wish to see foreign companies participate in the development of the energy sector in Russia--in all parts of the sector," said Mr. de Margerie, highlighting statements Putin made on recent moves to relax the country's tax and contractual terms for offshore oil and gas development, in particular in the Russian Arctic.

"It's a confirmation...which is good news...I can be more than optimistic," said Mr. de Margerie.

Total is currently a major partner in two Russian gas projects, the Shtokman project with OAO Gazprom (GAZP.RS) and Statoil AS (STO), as well as the Yamal LNG development in conjunction with Novatek (NVTK.RS).

Write to Alex Kolyandr at alexander.kolyandr@dowjones.com and Alexis Flynn at alexis.flynn@dowjones.com

(END) Dow Jones Newswires

June 21, 2012 14:33 ET (18:33 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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