Qatar Petroleum Takes 15% Stake in Total E&P Congo
Qatar Petroleum International (QPI) and Total announced the signing of a framework of Agreement whereby QPI will participate in Total E&P Congo through its subscription to a 15 percent share capital increase of this company. This participation reinforces Qatar's commitment to invest in Africa and illustrates Congo's willingness to welcome Qatar as a new partner. Furthermore, thanks to its subscription to the capital of Total E&P Congo, QPI will contribute to the company's significant investment program in Congo, specifically the Moho North project.
His Excellency Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry and Chairman of QPI, stated that this 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 program.
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 further build-on the well-established partnership with QPI and will strengthen Total's commitment to proceed with the development of the Congolese Petroleum Industry.
H.E. Jean-Jacques Bouya, Minister to the Presidency in charge of development and infrastructures of the Republic of Congo, attending the Doha 13th Forum and mandated by H.E. Denis Sassou-Nguesso, President of the Republic of Congo, expressed his satisfaction with QPI's partnering with Total in the Republic of Congo which will bring added value to the development of Congo's petroleum resources. This new partnership is a clear milestone that will open a new era of cooperation between the Republic of Congo and the state of Qatar.
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