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FINANCIAL NEWS
QPI to sign detailed agreement for participation in Total E&P Congo
19 Nov 2013
(MENAFN) According to a framework agreement signed on May 7, Qatar Petroleum International (QPI) and Total, an integrated oil and gas giant, have announced the signing of detailed agreement for QPI’s participation in Total E&P Congo (TEPC), according to The Peninsula Qatar.
The participation is through a share capital increase of TEPC resulting in QPI holding a 15 percent stake in the company post subscription, said a press statement issued by QPI on November 17. The signing ceremony took place at the Emiri Diwan yesterday.
QPI will be an active non-operating partner and will efficiently and objectively support the ambitious development programs in the Republic of Congo for the benefit of all stakeholders with emphasis on safety and transparency.
Established in 2006, QPI is a wholly-owned subsidiary of Qatar Petroleum. QPI’s multibillion portfolio of investments include partnerships and joint venture initiatives in Africa, North America, Singapore, the UK, Italy and Vietnam.
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