TotalEnergies ditches Arzew polypropylene production project
The French major has abruptly decided to withdraw from the construction of a huge petrochemical plant in which it had been involved for almost five years.
The oil giant, via its subsidiary AEC, is on the front line in the battle against summer water shortages that can lead to social unrest. It plans to procure emergency seawater desalination units, has embarked on the construction of miniature desalination plants, and has called on international firms to rehabilitate its existing infrastructure.
Much appreciated by Algiers during the era of former president Bouteflika, it's time for French ambassador Xavier Driencourt to move on. As he readies to leave in the next few months, President Abdelmadjid Tebboune has gone on the offensive against Paris in a calculated populist move.
Although Sonatrach had exercised its right of pre-emption over the Algerian assets of Anadarko - acquired by Oxy and for which Total had made an offer - the boss of the state-owned oil company has had to face up to reality: