Total chief still keen on UAE despite setbacks

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Total, the French oil company, is looking to invest in the United Arab Emirates’ nuclear industry despite having been part of a consortium that lost the $20.4bn contract to build the country’s reactors.

The loss to a Korean consortium, led by Korea Electric Power Corp and initially seen as the underdog, was widely acknowledged as a major upset. It has prompted the leader of the French group, Areva, to rethink its strategy, including considering offering older, cheaper reactors.

Christophe de Margerie, Total’s chief executive, said in an interview that he was fully aware of the controversy Total’s potential investment could cause in France. “If Abu Dhabi wants a partner, we can be that partner. But if it were to be considered anti-Areva, we’d have to think about it,” he told the Financial Times.