French oil major Total SA's (TOT) chief executive Cristophe de Margerie Friday said the soon-to-be head of Saudi Arabian Oil Co. Khalid A. Al-Falih recently visited the company's offices to test its resolve in continuing with a joint plan to build an export refinery at Jubail and confirmed Total's intention to do just that.

The idea that the refinery project would be canceled or shelved is "absolutely false," de Margerie said. However, Total is leaning on contractors to encourage them to lower their prices, he said.

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