Total CEO says not mulling BP deal

2nd July 2010, Comments 0 comments

Total chief executive Christophe de Margerie said Friday that the French oil group was not considering buying its embattled rival BP, whose market value has dropped by half over the Gulf of Mexico oil spill.

"We are not looking into buying BP," Margerie told journalists at an economics conference in the southern French city of Aix-en-Provence.

The British energy giant had announced last month that it would sell 10 billion dollars (eight billion euros) of non-core assets in a bit to fund costs arising from the Gulf of Mexico oil spill disaster.

Asked if Total would be interested in some of BP's assets, Margerie said: "Today I think that frankly is not the subject."

"If they put (assets) on sale, of course a look will be had if they make the move," he said.

"If we gave the signal that Total's priority is to look at what we're going to be able to buy taking into account that BP is in a terrible crisis ... would be really unethical," he said, adding that now "our priority is not to look at BP's assets."

© 2010 AFP

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