French oil major Total SA (TOT) Friday reiterated that economic woes won't distract it from taking a longer-term view of its business and repeating its investment budget for the will stay at $18 billion.

Total's management has stated many times recently that it expects tension in energy markets to return, stressing the need to maintain investment despite a collapse in oil prices from their record highs nearly a year ago.

"With regard to Total's strategy in the context of the global financial crisis, (Chief Executive) Christophe de Margerie asserted the group's wish to continue combining discipline and long-term preparation," Total said in a release presenting the conclusions of the company's annual general meeting.

"The group is therefore maintaining a substantial investment program for 2009," of $18 billion, the company added.

A company spokesman also repeated a message already communicated by management: that the company could end up spending less amid project delays, but that would be because of factors beyond its control. Total is ready to spend the $18 billion, he said.

Shareholders at Total's AGM also confirmed the 2008 cash dividend of EUR2.28 a share, an increase of 10% on the previous year.

-By Adam Mitchell, Dow Jones Newswires; +33 1 40171756; adam.mitchell@dowjones.com