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French Total excludes the Admiral project in Saudi Arabia from a plan to rationalize expenditures, today, Tuesday, April 28, 2020 06:00 pm
Total had announced sharp spending cuts and some projects were expected to be suspended after public isolation measures to contain the Corona virus destroyed fuel demand and a collapse in the price of oil.
“The goal that Total recently announced to reduce its capital spending for 2020, including $ 500 million in the downstream sector, does not include this project,” the French company said in a statement to Reuters news agency today, Tuesday.
“The partners are focusing on controlling costs and engineering studies are underway for the Admiral Petrochemical complex, located next to the Satorp refinery,” she added.
French Total expects the complex, which includes a mixed feed cracker with a production capacity of 1.5 million tonnes per year of ethylene, to start operating in 2024, according to the agency.
The French company added that the partners are continuing their efforts to comply with the announced schedule.