Qatar Petroleum International and Total have signed a “detailed agreement” for QPI’s participation in Total E&P Congo (TEPC).
Participation is through a share capital increase of TEPC resulting in QPI holding a 15% shareholding in the company, post subscription.
The signing ceremony took place at the Emiri Diwan on November 17.
Earlier in May, the two companies have signed a framework agreement to the effect.
HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada, also QPI Chairman, hailed the event as the beginning of implementation of co-operation between QPI and Total in strategic international energy investments.
“QPI will be an active non-operating partner and will efficiently and objectively support the ambitious development programmes in the Republic of Congo for the benefit of all stakeholders with emphasis on safety and transparency,” a release here yesterday said.
Christophe de Margerie, Chairman and CEO of Total, expressed great satisfaction at the signing ceremony, which marked an important milestone in Total’s co-operation with QPI. The event builds on Total’s well-established partnership with QPI and demonstrates a strengthened commitment to proceed with the development of the Congolese petroleum industry.
QPI was established in 2006 as a wholly-owned subsidiary of Qatar Petroleum to promote and advance Qatar’s interest in the global energy arena of upstream, downstream, and gas and power.
QPI’s multi-billion portfolio of investments are global in scope, including partnerships and joint venture initiatives in Africa, North America, Singapore, the UK, Italy and Vietnam.