TotalEnergies CEO Says Talks With UAE Underway For Diesel Imports: Report

TotalEnergies CEO Says Talks With UAE Underway For Diesel Imports: Report
  • TotalEnergies SE TTE is looking to import diesel and other fuels from the United Arab Emirates to stock up on alternatives to Russian supplies ahead of winter, Bloomberg reported
  • “Under the initiative of the French government, we’re discussing an agreement to have access to diesel and fuel from the Emirates this winter, in case we need it,” Chief Executive Officer Patrick Pouyanne said at a Senate hearing in Paris. “There won’t be issues” with supplies of diesel and heating fuel in the coming months, he said.
  • Russia accounted for about 12% of Total’s imports of diesel and other fuels in Europe. However, that will drop to zero by next February amid sanctions, Pouyanne said Wednesday.
  • TotalEnergies is already increasing hydrocarbon imports from Saudi Arabia and other Middle Eastern countries as they seek to replace shipments from Russia.
  • French President Emmanuel Macron will host the ruler of UAE, Mohammed bin Zayed, in Paris on July 18, people familiar with the matter said this week. Pouyanne confirmed the visit.
  • Price Action: TTE shares are up 0.31% at $48.50 during the premarket session on the last check Wednesday.
  • Photo by Elevate on Unsplash

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