France’s Total, world’s second-largest private LNG player, has changed its name to TotalEnergies after its shareholders voted overwhelmingly in favor of rebranding the group.
During a meeting held in Paris on Friday, Total’s shareholders approved “almost unanimously” the resolution to change the company’s name, thereby anchoring the company’s “strategic transformation into a broad energy company,” the firm said in a statement.
The company previously said it would rebrand as TotalEnergies as it plans to reduce oil products to a third of its sales from over half now in the next decade.
In addition, it would base the growth of its energy production on two pillars, LNG and renewables & electricity, while oil products would fall to 30 percent of sales.
“I would like to thank our shareholders for their almost unanimous support on our new name, TotalEnergies, that anchors our strategy in our identity, as well as for their support by a very large majority, more than 90%, on the resolution on the company’s ambition with respect to sustainable development and energy transition towards carbon neutrality and its related targets by 2030,” CEO Patrick Pouyanne said.