French oil giant Total SA plans to invest billions of dollars to boost its presence in Asia, Germany as per RTTNews. Francois Cornelis, Deputy CEO and Head of Total Chemicals reportedly said that over the next few years, Total plans to invest about one billion euros each, shared equally between its petrochemical and specialty chemicals divisions.
In 2010, Total's chemicals segment sales amounted to 17.49 billion euros. Europe accounted for 62% of the segment's overall sales and North America accounted for 24%, with the remaining sales primarily attributable to Asia and Latin America. Total intends to expand its presence in Asia, where it generates a fifth of its revenues. Nearly two-thirds of the company's revenues are attributable to petrochemical-based products such as ethylene, polyethylene, styrene and nitrogen fertilizer, while the remaining revenues are from highly refined specialty materials such as resins, sealants and adhesives.