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Fuel oil is one of the most carbon intensive refined oil
products, used mainly for power generation and as a marine fuel.
"We want to stop selling fuel oil for making power," Total Chief
Executive Patrick Pouyanne told Reuters in an interview on Feb.
6. Total, Europe's largest refiner, produced and traded over 4%
of all oil products consumed globally last year.
Many refiners, including Total, have in recent years upgraded
plants in order to cut their fuel oil output as the shipping
sector shifted to cleaner fuel.
Total has a global processing capacity of around 2 million
barrels per day, and one of the world's largest oil and gas
trading businesses.
Its petroleum product sales, which include refined products and
chemicals, reached 4.1 million barrels per day in 2019.
The previous year, fuel oil for both power and shipping
accounted for around 5% of its total refined products output,
according to the company's data.
It was unclear how much revenue fuel oil trading generates for
Total.
Total's refining products split:
https://fingfx.thomsonreuters.com/
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A Total spokeswoman said the group's marketing division was
studying the option of no longer selling fuel oil to power
plants.
Total aims to reduce the carbon intensity of its products by 15%
by 2030 from their 2015 levels. That could be done partly by
reducing sales of carbon-intensive products and boosting sales
of cleaner fuels as well as renewable power.
The group, which has rebranded itself in recent years as an
energy rather than oil and gas company, is targeting a near
ten-fold expansion in renewable power generation by 2025 to 25
gigawatts.
(Reporting by Ron Bousso; Editing by Jan Harvey)
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