Doha: 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 the Republic of 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 programme in Congo, specifically the Moho North project.

Minister of Energy and Industry and Chairman of QPI H E Dr Mohammed bin Saleh Al Sada, said 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 Republic of Congo and support Total E&P Congo in its development programme.

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 March 25, 2010.