reward at $48 a sahre. I see little further downside 6% or $45 versus 30% upside or $62 plus 5% dividend while you wait. TOT will not see the 2.4% growth it had anticipated this year so it will be a flat year. I think once ELGIN is resolved we will see $52 a share and once production begins again $58 a share. As we move closer to 2013 the shares will rise as 2.5% growth is back on the table and Elgin is behind us. Futher upside would be higher prices for crude if tensions in the mid east flair up. The bottom line is I am happy to be a buyer at these levels and sit and wait as I collect my dividends which were reaffirmed last week.
Good point for short term sentiment. However long term should not be to much of a factor since TOT is a global company and the left have ruled before.Worse case, TOT could move there headquarters.France would never let this happen,they are the largest company on the CAC40. It's not like YPF where all of their assets are in Argentina.