French Total takes its staff out of Venezuela

The French oil and gas company Total removed its staff from Venezuela where its accounts were blocked by US sanctions

During a presentation of the financial results of the company, the CEO of Total Patrick Pouyanne,  said: “The accounts are blocked thanks to the decisions of the United States.” As a result of this blockade, the consortium decided to evacuate its personnel from Venezuela.

The company had been managing its Venezuelan operations from the United States, in that sense, the representative said: “The other practical problem is that, given the sanctions, we should no longer handle Venezuela from the United States but from Europe.”

The board of directors of Total affirmed that they will respect the US sanctions and that their operations in Venezuela are currently stopped.

The Venezuelan market for Total covers only 50,000 of the three million barrels a day produced by the subsidiary. Similarly, it has only 50 employees in the South American country where the company is immersed in the exploration and production of crude oil and natural gas.

L.Sáenz

Source: Banca&Negocios

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