Qatar’s Stake in Total Rises to 3 Percent, De Margerie Says
Qatar’s stake in Total SA (FP) has risen to 3 percent, according to the chairman and chief executive officer of Europe’s third-largest oil company.
“It’s a good company, it’s a good investment,” Christophe de Margerie said in an interview in Doha.
The Persian Gulf emirate, the world’s biggest exporter of liquefied natural gas, has been buying shares in French companies including Lagarde SCA and LVMH Moet Hennessy Louis Vuitton SA (MC) amid rising gas revenues. The Qatar Investment Authority, the country’s sovereign wealth fund, holds more than $65 billion of investments, Deputy Prime Minister Ahmed Abdullah al-Mahmood said at a conference in Doha.
Total and Qatar are planning to invest in joint projects in West Africa, de Margerie said. The French energy producer owns stakes in gas liquefaction plants, a condensate refinery and petrochemical plants in the state.
A spokesman for the Qatar Investment Authority and state- run oil company Qatar Petroleum didn’t immediately respond to e- mails seeking comment.
To contact the editor responsible for this story: Mahmoud Kassem at email@example.com