Kremlin Investor Show Attracts Top Oil Players, but Few Deals

Turning to Saudi Arabia, he said it would have to go through painful reforms as it was only set to cut its budget deficit to $85 billion in 2016 from a record $100 billion in 2015.

Pouyanne, whose company Total has major projects in the Middle East, said he was keen to invest both there and in Russia.

Total is an investor in the $27 billion Russian Arctic Yamal gas project which earlier this year managed to secure financing from Russian and Chinese banks after repeated delays.

"It was difficult ... But we continue to invest in Russia despite sanctions ... In Russia you can find some of the lowest cost resources in the world," said Pouyanne.

(Writing by Dmitry Zhdannikov; Editing by Alessandra Galloni and Mark Potter)


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