French oil giant TotalFinaElf Oil Company recently announced its plan to invest $12 billion into a series of oil and energy schemes based in the Middle East, reported Al-Hayat. TotalFinaElf intends on developing oil fields in Saudi Arabia, the United Arab Emirates (UAE) and Yemen. The company also has future plans to invest in Iran.
The company has a 30 percent share in the five billion dollar Shaybah gas development project in Saudi Arabia, which is expected to be completed by 2006. In mid-October TotalFinaElf signed a one-year contract with Morocco's state-run ONAREP to carry out a prospection and hydrocarbon research in the offshore Dakhla region.
With operations in more than 100 countries, TotalFinaElf’s activities span all aspects of the energy industry from upstream oil and gas exploration and production to downstream refining and marketing of refined products as well as international trading in both crude and refined products. The Group is a major supplier in the liquefied natural gas segment. —(menareport.com)
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