Qatar Petroleum takes Total stake

Qatar Currency27 December 2013 – French company Total has announced Qatar Petroleum International has taken a 15% interest in its subsidiary, Total Exploration & Production Congo.

The original agreement was signed in May this year, which will see Total transfer a stake in the company to QPI.

The $1.6 billion increase in Total E&P Congo’s capital will consolidate its financial capacity as the company progresses the Moho Nord deep offshore project.

Total chief executive Christophe de Margerie said this was an important milestone.

“This builds on Total’s already well-established partnership with Qatar and at the same time strengthens our commitment to the development of the Congolese petroleum industry,” he said.
*Bianca Bartucciotto, Upstreamonline

About the Author