Total decided to change its name

French Total, one of the largest oil companies in the world, has announced its decision to change its name to TotalEnergies. The decision is in line with the company's strategy of transition to green technologies.

In 2020-2030, the oil giant will undergo a complete transformation based on sustainable development, Patrick Pouyanne, CEO of Total, promised. In particular, the company will sharply increase the production of renewable electricity, increase the production of liquefied natural gas and reduce the share of revenue from petroleum products to 30%.

Transformation must be part of Total's very nature, and to that end, the board of directors has decided to propose to shareholders at its annual meeting in May that the name of the group be changed, Pouyanne said. If the resolution is passed, Total will become TotalEnergies.

“The new name reflects the past of the company, which we respect and without which we would not be able to build the future,” said the head of the group. “The name TotalEnergies, in turn, indicates that we intend to become a leader in the field of renewable energy.”

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Unlike rival BP, Total reported a good 4Q 2020. In Russia, the company has two most important projects - oil production under the PSA, which it has been conducting since the 90s at the Kharyaginskoye oil field, and shares in Novatek's LNG projects in Yamal. One of the tankers carrying liquefied gas along the Northern Sea Route is named after who died in a plane crash in Vnukovo. the company's CEO, Christophe de Margerie,