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Total CEO Pouyanne says 2017 net profit to be 30 percent better than 2016

February 06, 2018 at 06:47 am EST

PARIS (Reuters) - French oil and gas group Total will report 2017 net profits that are expected to be some 30 percent better than the $8.3 billion recorded in 2016, the company's chief executive Patrick Pouyanne told Le Monde newspaper on Tuesday.

Total will report fourth quarter and full year results on Feb. 8.

Those strong 2017 results were the result of a disciplined approach to the company's cost base, an increase in production and high oil prices, Pouyanne said in the interview published in Tuesday's edition of Le Monde.

He said Total will continue to invest in renewable energies, with a plan to increase its production of electricity from gas and other renewable energies to respond to the growing demand for electricity.

Pouyanne also said in the interview that work on its Iran South Pars gas project was progressing well despite uncertainties regarding the United States' position over possible sanctions on Iran.

He said Total was consulting with French and European authorities over protecting its investments in Iran, in case there was a resumption of sanctions.

(Reporting by Bate FelixEditing by Sudip Kar-Gupta)

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Patrick Pouyanné

Mr. Patrick Pouyanné is a Chairman at Entreprises pour l'Environnement, a Chairman & Chief Executive Officer at United Way L'Alliance, an Independent Non-Executive Director at Capgemini SE, a President-Refining & Chemicals Segment at TotalEnergies SE, a Chairman & Chief Executive Officer at Total Gas & Power Business Services SAS, a Chairman & Chief Executive Officer at TotalEnergies Holdings SAS, an Independent Director at Capgemini Italia SpA and an Independent Director at Capgemini Service SAS.
He is on the Board of Directors at Institut Polytechnique de Paris, Ecole Polytechnique, Capgemini SE, Fondation La France S'Engag, Institut du Monde Arabe, Association Française des Entreprises Privées, Capgemini Italia SpA and Capgemini Service SAS.
Mr. Pouyanné was previously employed as an Independent Director by Capgemini Technology Services India Ltd., a Chairman & Chief Executive Officer by TotalEnergies EP Norge AS, a Senior Vice President-Strategy by Total E & P Qatar, a Chief Engineer by Corps des Mines, a Chairman & Chief Executive Officer by Total E&P Activites Petrolieres SA, a Chairman & Chief Executive Officer by Total E&P New Ventures, Inc., a Chairman by Total E&P Recherche Développement SAS, a Chairman by Total Raffinage Chimie, and a Chairman by Total Petrochemicals & Refining SA/NV.
He also served on the board at Compañía Española de Petróleos SA, Total E&P Angola Ltd., Total E&P Kazakhstan, Total E&P Nigeria Ltd., Total E&P Research & Technology USA LLC and Total E&P Russie.
He received his undergraduate degree from Ecole Polytechnique and an undergraduate degree from École Nationale Supérieure des Mines de Paris.

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