Petroleum Africa
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Thursday, May 23, 2013
Qatar Petroleum International (QPI) is moving into sub-Saharan Africa with the acquisition of a stake in Total E&P Congo. QPI and Total signed a framework of agreement whereby QPI will participate in Total E&P Congo through its subscription to a 15% share capital increase of this company.
With QPI’s subscription to the capital of Total E&P Congo, it will contribute to the company’s significant investment program in the ROC, specifically the Moho North project.
H.E. 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 the ROC 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 strategic cooperation in Africa entered between QPI and Total in March 2010.
H.E. Jean-Jacques Bouya, Minister to the Presidency in charge of development and infrastructures of the ROC, attending the Doha 13th Forum and mandated by H.E. Denis Sassou-Nguesso, president of the ROC, expressed his satisfaction with QPI’s partnering with Total in the West African country. He also said that the new partnership is a clear milestone that will open a new era of cooperation between the ROC and Qatar.
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