PARIS (AP) — French oil company Total said Friday that its net profit fell 58 percent in the first quarter after it took a heavy loss to pull out of a Canadian project it said was no longer worth the investment.
Christophe de Margerie, chief executive of Total, and Charles Pasqua, former French interior minister, appeared in court today for corruption charges stemming from the United Nations oil-for-food program in Iraq, Reuters reports.
Iraq has asked French oil giant Total S.A. to choose between working with the self-ruled northern Kurdish region or to quit developing one of the major oil fields in southern Iraq.
Last month, Total said it signed a deal with the Kurds to search for oil in two areas, defying Baghdad. Iraq's central government insists the country's energy resources should be managed on a national level.