Qatar Petroleum International (QPI) has entered into an agreement to acquire 15% stake in France-based multinational oil and gas company Total’s Congo arm Total E&P Congo.
As per the agreement, QPI will support and contribute Total’s investment program in Congo, especially in the Moho North project.
The agreement also indicates QPI’s commitment and to invest in Africa and increase its presence and Congo’s willingness to welcome Qatar as a new partner.
Total chairman and CEO Christophe de Margerie said the company will further build on its partnership with QPI and the agreement will strengthen Total’s commitment to proceed with the development of the Congolese Petroleum Industry.
The terms of the agreement were not disclosed.
QPI is an investment arm of the state-owned energy company Qatar Petroleum.