Total CEO: May Work With Rosneft on Deep Offshore Projects

ST. PETERSBURG, Jun 11, 2007 (Dow Jones Newswires)

French energy company Total SA may work again with Russia's state-owned OAO Rosneft (ROSN.RS), Total Chief Executive Christophe de Margerie said Saturday.

"Definitely Rosneft is one of our partners in Russia," de Margerie told reporters. He mentioned the possibility of "deep offshore" projects, but declined to go into any more detail.

Total has had a difficult relationship with Rosneft over both the Vankor project in Eastern Siberia and the production sharing agreement at the Kharyaga oil deposit.

Separately, de Margerie played down suggestions that his company was planning to sell subsidiary Sanofi Aventis (SNY). While he admitted the company was "a non-core business," he said there was no urgent need to raise cash.

De Margerie declined to be drawn on the state of talks with Russian gas monopoly OAO Gazprom (GSPBEX.RS) over participation in the giant offshore Shtokman gas project.

Copyright (c) 2007 Dow Jones & Company, Inc.


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