Report: Qatar boosts Total stake to 3%
News branded a strong development by Total CEO
Qatar has reportedly increased its strategic shareholding in French supermajor Total.
Qatari newspaper Al Sharq reports that Total’s CEO Christophe de Margerie has confirmed the further stock building by the emirate.
"The acquisition of a 3% stake in our company is a strong development," de Margerie said.
"This is good for both sides - it is good to be in Total. They have a huge investment in Qatar," Ahmad al-Sayed of Qatar's Sovereign Wealth Fund told Reuters on the sideslines of a conference.
The news follows reports in March that Qatar had quietly accumulated a 2% stake in Total since summer 2011.
Present in Qatar since 1936, Total has a 100% interest in the Al Khalij field, a 20% interest in North Field Bravo (NFB) block and a 10% interest in the Qatargas 1 liquefaction plant. The Group also has a 24.5% stake in the Dolphin Energy Ltd company and a 16.7% stake in Qatargas 2 Train 5. Total’s Qatari production averaged 164,000 barrels of oil equivalent per day in 2010. The company also holds a 25% interest in Qatar’s Block BC (pre-Khuff) exploration license.
Total is also a partner in the Ras Laffan refinery with a 10% interest and in the Qapco (20%) and Qatofin (48.6%) petrochemical plants. In particular, the Group has an interest in Qatofin’s new Linear Low Density Polyethylene (LLDPE) unit in Mesaieed and the ethane cracker in Ras Laffan (Ras Laffan Olefin Cracker, or RLOC).