ICEC

Qatar Increases Stake In Total To 3%

Qatar’s stake in Total, Europe’s third-largest oil company, has risen to three percent, Christophe de Margerie, Total’s chairman and chief executive officer said on Saturday.

“It’s a good company, it’s a good investment,” de Margerie said in an interview in Doha.

Total and Qatar are planning to invest in joint projects in West Africa, he said.

The oil-rich state of Qatar is now among Total’s top five shareholders, after the company’s employees, and Belgian investor Albert Frere.

Qatar has already bought stakes in several French companies, including media-to-aerospace conglomerate Lagerdere, infrastructure player Vinci, and environmental services group Veolia, source Bloomberg.

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