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. Last Updated: 07/27/2016

Total Fina to Invest $230M by 2003

French oil company Total Fina Elf is ready to invest $230 million in the Russian economy over the next two years and a further $500 million later, said Fran?ois Rafin, a company representative in Moscow, in remarks reported by Interfax.

The remarks were made at a meeting with Economic Trade and Development Minister German Gref.

Total Fina Elf also confirmed plans to participate with other foreign companies and Gazprom in a joint-development of the Shtokmanovsky gas condensate deposit in the Barents Sea under a PSA, with an investment of $10 billion.

Gref assured Total that the ministry places great significance on cooperation between Russia and France, according to his adviser Oleg Koshikov.

Koshikov said representatives from the French company expressed interest in participating in tenders for "more difficult" deposits in Russia and particularly in the Timan-Pechora oil and gas province under production sharing conditions, Interfax reported.