Total to Present French Refining Restructuring Plan

French oil major Total will present its French refining restructuring plan to unions on Thursday, a union source said on Monday.

 

An extraordinary works council is scheduled for the morning of April 16, a document seen by Reuters shows. "Information about the outlook for refining in France" is the only subject on the agenda.

 

A Total spokesman confirmed the date of the works council.

 

Union sources told Reuters earlier this year that, under the plan, Total would shut all crude oil refining activities at its La Mede refinery near Marseille and will also invest in its Donges refinery on the Atlantic coast to make it profitable.

 

Total, Europe's biggest refiner, is the latest oil company to resort to closures in an industry that has struggled with overcapacity, poor gasoline demand, growing competition and low margins for several years.