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Posted On: 23 May 2013 01:10 pm
Updated On: 12 November 2020 02:12 pm

Qatar buys stake in Total’s Congo operations

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State-owned Qatar Petroleum International (QPI) has agreed to buy a state 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.