Total Seals China Shale Deal

Total SA has entered into an agreement with China Petrochemical Corp. (Sinopec), for the exploration and development of shale gas in China.

Mr. de Margerie said he would welcome fresh investments, including possibly from sovereign-wealth fund China Investment Corp.

"If CIC wants to take more, we don't have any problem," Mr. de Margerie said.

Total denied a published report in the Wall Street Journal that China's State Administration of Foreign Exchange had increased its stake in the French company, since acquiring its intial 2% holding in April 2008.

de Margerie confirmed that Qatar had built a stake of 2% in Total. "It is good for a company to have a historical partner in your share capital," he said, adding, "it is a way to reaffirm this long-term partnership."