Qatar Petroleum enters into the share capital of Total E&P Congo
PARIS -- Total has announced that Qatar Petroleum International (QPI) is now a shareholder of Total E&P Congo, holding 15% of its capital. The companies signed a framework agreement in May.
“The conclusion of this agreement, which is an important milestone, 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,” commented Christophe de Margerie, chairman and CEO of Total.
This transaction is in line with the Group’s strategy of active portfolio management.
The 1.6 billion dollar increase of Total E&P Congo’s capital will consolidate its financial capacity at a time when it is progressing the development of the Moho Nord deep offshore project.