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Total moves it’s financial headquarters to London.
In order to get a little closer to the international market, the kind of market valued by major global firms, the French oil giant Total is in the process of moving its management financial personnel to London; a move confirmed by a firm’s spokesperson to Reuters.
Indeed, the spokesperson said that no more than 70 employees are concerned by this displacement; most of them are working for the company’s treasury department. According to the spokesperson: “It’s currently under discussion with social partners, trade unions. It would concern 60 to 70 people, out of the group’s 100,000 staff”.
“The idea is to get closer to London, which is the oil trading and financial center of Europe to allow the group to improve its international visibility.” affirmed the spokesperson by explaining the main purpose of this move.
Running away from the French tax system
The spokesperson continued that Total pays and will continue to pay taxes in France despite this shift of some members of its financial staff, and other departments including the overall management will remain in France.
It is worth mentioning that Total’s sales were down to 4% this year: from EUR 49.14 billion to € 46.97 billion; with the upstream segment was observed a fall of 7% from EUR 2.51 billion to EUR 2.33 billion. Of course, Total has managed to increase its total production of 2.26 million barrels of oil equivalent per day to 2.29 MMboepd; which represents a growth of 1% of the production. However, liquids production decreased by 5% and has fallen in 1.16 million barrels per day, while the total gas production grew to 6.17 million cubic meters per day, representing an increase of 8% of the production.
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