Qatar buys stake in Total’s Congo operations

  • Share via facebook
  • Tweet this
  • Bookmark and Share

State-owned Qatar Petroleum International (QPI) has agreed to buy a stake in oil giant Total’s operations in the Democratic Republic of the Congo.

QPI, the foreign investment unit of Qatar Petroleum, said that it would take part in a 15 percent share capital rise of Total E&P Congo. The investment, Qatar Petroleum’s first in an overseas oil field, will specifically focus on the Moho North project.

Neither QPI nor Total specified how much the deal was worth.

QPI’s other foreign investments include April’s deal for it alongside the UK’s Centrica to jointly acquire Suncor Energy’s gas business in Canada for $987m.

In the same month QPI signed a memorandum of understanding with Exxon Mobil Corporation to assess jointly unconventional gas resources in North America and global opportunities in liquefied natural gas.

QPI also announced earlier this week that it along with sovereign wealth fund Qatar Holding and Qatar Electricity and Water Company would establish a new overseas fund to invest in energy infrastructure.

The fund will invest “in the fields of power generation, water desalination and treatment, heating and cooling systems, provision of fuel as well as fuel loading and unloading equipment", all three said in a joint statement to the local bourse.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Qatari

Qatar's international investments are well diversified, thanks to our great leadership.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Gulf states get more assertive as Iran closes in on nuclear deal

Gulf states get more assertive as Iran closes in on nuclear deal

Biggest concern is what they see as Shi'ite Iran's regional expansionism...

At OPEC, some sow seeds of solar energy race in Gulf

At OPEC, some sow seeds of solar energy race in Gulf

Race to develop solar power arrays in the world's sunniest nations...

US drivers yield 'swing' oil demand to Saudis

US drivers yield 'swing' oil demand to Saudis

The world’s biggest oil producer is now also the planet’s largest...

Most Discussed