Total CEO Not Worried over Possible Norway Fund Capital Exit

Maritime Activity Reports, Inc.

November 26, 2017

Patrick Pouyanne (File photo: Total)

Patrick Pouyanne (File photo: Total)

The possible exit of Norway's sovereign wealth fund from the capital of French oil and gas major Total will take place over time and is thus unlikely to hurt Total's stock price, Chief Executive Officer Patrick Pouyanne said on Friday.
"I can tell you that, obviously, the managers of the fund who we know very well...are not going to sell in a manner that would lead to a stock-price collapse," Pouyanne told shareholders during an annual gathering in Paris.
"This will take time, so I am not worried over the impact it will have on the stock," he added
Acccording to Thomson Reuters data, Norges Bank Investment Management - owns around 1.6 perent of Total's capital.
Norway's trillion-dollar sovereign wealth fund is proposing to drop oil and gas companies from its benchmark index, which would mean cutting its investments in those companies, the deputy central bank chief supervising the fund told Reuters in November.
(Reporting by Benjamin Mallet, Writing by Dominique Vidalon)
Maritime Reporter Magazine Cover Jan 2019 - Ship Repair & Conversion: The Shipyards

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News