Qatar Petroleum International (QPI) and Total have entered into an agreement whereby QPI will participate in Total E&P Congo through its subscription to a 15% share capital increase of the company.
The participation reinforces Qatar’s commitment to invest into operations in Africa. QPI will contribute to the company’s investment programme in Congo on the Moho North project.
His Excellency, Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry and Chairman of QPI, said that the agreement is a further milestone in the implementation of QPI’s strategy to develop actively its presence abroad and especially in Africa. He also welcomed the opportunity to reinforce relationships between Qatar and Congo, and support Total E&P Congo in its development programme.
Christophe de Margerie, Chairman and CEO of Total, expressed his satisfaction with this agreement which is a new step in the implementation of the MOU for a strategic cooperation in Africa entered between QPI and Total on 25 March, 2010. It will build on the partnership with QPI and strengthen Total’s commitment to proceed with the development of the Congolese Petroleum Industry.
