February 6, 2018 / 11:48 AM / 13 days ago

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

PARIS (Reuters) - French oil and gas group Total (TOTF.PA) 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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