Total pulls staff out of Venezuela after US sanctions | Fin24
 
  • Load Shedding

    Find the latest load shedding schedules for Joburg, Durban, Cape Town, and other cities.

  • Peter Moyo

    The former Old Mutual CEO says he wants its directors jailed for six months without option of a fine.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Total pulls staff out of Venezuela after US sanctions

Feb 07 2019 16:50

French oil and gas firm Total has evacuated its staff from Venezuela where its accounts have been blocked due to US sanctions, the company's chief executive said on Thursday.

"The accounts are blocked thanks to US decisions," CEO Patrick Pouyanne said during a presentation of Total's annual financial results.

"The other practical problem is that, given the sanctions, we should no longer manage Venezuela from the United States... but from Europe," he added.

Total had previously managed its Venezuela operations from the United States.

"We decided to evacuate all of our personnel from Venezuela given what has happened... since last Monday," said Pouyanne.

The US imposed sanctions on Venezuela's state oil company PDVSA on Monday last week in an effort to ramp up pressure on the country's President Nicolas Maduro.

Pouyanne said Total would "of course" respect the US sanctions and its operations in Venezuela would put into "hibernation mode".

Total's website said it had about 50 staff in Venezuela, where the company is involved in exploration plus production of crude oil and natural gas.

Pouyanne played down the importance of Venezuela for Total, saying it was worth just 50 000 of the three million barrels it produces every day.

Total had earlier announced its net profit climbed 33% to $11.4bn in 2018 thanks to a rise in oil prices and production.

total  |  companies  |  industrial
NEXT ON FIN24X

 
 
 
 

Company Snapshot

#MINIBUDGET2019

Struggling power utility Eskom will take centre stage at this year's mini budget
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...