DOHA: Pursuant to a framework agreement signed on May 7, Qatar Petroleum International (QPI) and Total, an integrated oil and gas giant, have announced the signing of detailed agreement for QPI’s participation in Total E&P Congo (TEPC).
The participation is through a share capital increase of TEPC resulting in QPI holding a 15 percent stakes in the company post subscription, said a press statement issued by QPI on November 17. The signing ceremony took place at the Emiri Diwan yesterday.
The Minister of Energy and Industry and Chairman of the Board of QPI, H E Dr Mohammed bin Saleh Al Sada, hailed the event as the beginning of implementation of cooperation 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.
Christophe de Margerie, Chairman and CEO of Total, expressed his great satisfaction with the signing ceremony, which marked an important milestone in Total’s cooperation 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,” he said.
Established in 2006, QPI is a wholly-owned subsidiary of Qatar Petroleum. QPI’s multibillion portfolio of investments include partnerships and joint venture initiatives in Africa, North America, Singapore, the UK, Italy and Vietnam.
The Peninsula
