(3 minutes read)
- French energy giant TotalEnergies division said that its profits more than doubled in the second quarter on the surge in global oil and gas prices as a result of Russia -Ukraine. The company is very active in the retail oil sector in Tanzania
French energy giant TotalEnergies division said that its profits more than doubled in the second quarter on the surge in global oil and gas prices as a result of Russia -Ukraine. The company is very active in the retail oil sector in Tanzania.
Its global bottom-line net profit amounted to US$5.7 billion in the period from April to June as against US$2.2 billion in the previous year. Second-quarter sales increased by 37 percent at US$74.8 billion.
The company has been active in Tanzania since 1969. The company has 183 employees and 70 service stations. It is also actively involved in the community outreach programs to reduce the carbon footprints.
Russia’s invasion of Ukraine continued to impact energy markets in the second quarter. The oil prices averaged more than US$110 per barrel. The refining margins reached record-high levels. Natural gas prices ruled above oil partly in Europe and Asia, according to the company officials. The company increased its output to take advantage of the situation.
Read also:
https://trendsnafrica.com/virtual-pay-gets-a-license-to-operate-in-tanzania/
https://trendsnafrica.com/tanzania-to-import-chinese-food-processing-machines/
https://trendsnafrica.com/kenya-tanzania-trade-cross-sh100-billion-marks/
All oil companies including British energy major Shell are making profit taking advantage of the increased oil prices. The increasing oil prices have led to a debate whether the bumper profit should be taxed, particularly in France.
