Qatar Petroleum International (QPI) is to take a financial stake in Congo operations by Total through a capital increase in the French company's Congo subsidiary, Total announced Wednesday.
QPI is subscribing to a 15 percent capital increase for Total Exploration Production Congo but Total did not put a financial value on the operation.
Total welcomed Qatar's decision to invest and said the Gulf country was reinforcing its "commitment to invest in Africa" while Congo has "shown a willingness to welcome Qatar as a new partner".
Total also said that the Qatari move "will contribute to the company's (Total) significant investment programme in Congo, specifically in the Moho North project." The Total statement quoted Qatari Minister of Energy and Industry Dr. Mohammed Bin Saleh Al-Sada as saying the Congo operation "is a further milestone in the implementation of QPI strategy to develop actively its presence abroad and especially in Africa." Dr. Al-Sada, who is also Chairman of QPI, welcomed the opportunity to reinforce ties with Qatar and Congo and work in support of Total's development programme.