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There's More to Big Oil Than Oil, Total Tells $1 Trillion Fund

  • Idea that stocks like Total boost Norway risk is wrong: CEO
  • Integrated oil companies reduce volatility, Pouyanne says
Patrick Pouyanne

Patrick Pouyanne

Photographer: Kyrre Lien/Bloomberg

Norway’s $1 trillion sovereign wealth fund wants to sell out of oil and gas stocks, arguing that would reduce overall risk to the country since petroleum is already the top export.

But that’s a miscalculation, according to the chief executive officer at Total SA, one of the world’s biggest energy companies and the Norwegian fund’s fifth-biggest oil stock holding. The so-called integrated oil companies, such as Total and the rest of the Big Oil pack, are much more, according to CEO Patrick Pouyanne.