Total Hopes to Sell Lindsey Refinery by Year-end

French oil company Total has received offers for its UK Lindsey refinery and hopes to sell it by the end of the year, Chief Executive Officer Christophe de Margerie, said on Wednesday.

"We have some offers, we're working on it. We'll talk about it when the moment is right but for the moment the target is that we sell it at the end of the year," de Margerie told journalists on the sidelines of a conference organized by French employers' union Medef.

Referring to the wider market de Margerie said he thought the oil price was "at the right level," while gas prices were low.
"That is a concern for long-term investments but at the same time when you invest today, it is to produce in 8 to 10 years time," he said.

Won't interfere in Sanofi-Genzyme

Total's CEO said he would not comment on the pricing specifics of French pharmaceutical giant Sanofi-Aventis' interest in U.S.-based biotech Genzyme. Total owns a 7.33% stake in Sanofi.

"We are on the board with a relatively small percentage in the share capital. It's up to the management to decide where they want to go and then to ask the board of directors if it is acceptable," de Margerie said.

Genzyme on Monday rejected an $18.5 billion buyout offer from French drugmaker Sanofi-Aventis on Monday, setting the stage for a protracted and potentially hostile takeover battle.

On Tuesday, Genzyme's Chief Executive Henri Termeer said he was willing to sell the company he built up over 25 years, but not for $69 a share.
"I don't think it's good to comment on the price, we will not interfere in the negotiation between two companies," de Margerie said.