Total's Refinery to Restart After Strikes

Total's Refinery to Restart After Strikes

Total SA, Europe’s biggest refiner, is taking preliminary steps to restart its La Mede plant in southern France, which was halted in June by a strike.

“The installations will gradually move towards normal activity during the month of August,” Bloomberg quoted a company spokesman as saying on Wednesday.

La Mede was idled on June 11 due to a strike by workers led by the General Confederation of Labor Union to protest the company’s plan to stop processing crude at the refinery.

Total plans to convert the unprofitable plant near Marseille to process biofuels, part of a plan that will also reconfigure its Donges refinery on the Atlantic coast. The projects are aimed at lowering European refining capacity and making it more profitable.

Total reported second-quarter profit July 29 that almost matched year-earlier results as higher margins at its refining business helped offset a 50% slump in crude prices. Chief Financial Officer Patrick de La Chevardiere said the company’s average European refining margin was above $50 a ton in July.

Under its plans for French refining unveiled in April, Total will invest €200 million ($217 million) at La Mede for a biorefinery that will process 500,000 tons of fuel annually. Processing of crude oil will stop at the end of next year and the company will cut 180 jobs at the site without firing any workers, it said.


Short URL : http://goo.gl/N2JD4G

You can also read ...

India Co. Says ‘Important’ to  Buy Some Iranian Oil
Mangalore Refinery and Petrochemicals, a subsidiary of India’s...
NIOC Chief: US Talk to Zero Iran Oil Export Is Hot Air
Rhetoric from the United States that it wants to reduce Iran’s...
Crude Prices Rise
Oil prices rose for a fourth day on Wednesday after industry...
NOPEC Threat Prompts Change at OPEC
OPEC has urged its members not to mention oil prices when...
Iran's Marjan Petrochem Company Exports 1st Methanol Cargo
The first 20,000 ton methanol consignment produced by Marjan...
Foreign Firms to Invest in Mazandaran DGs Power Projects
Foreign companies have signed contracts to invest in small...
Russian Expert: Collaboration With Oil Majors Could  Help Iran Enhance Energy Output
Iran has proved that it has great potential for investment...