Qatar`s SWF takes stake in Royal Dutch Shell

A+ A

Baku, May 12 (AZERTAC). Qatar`s sovereign wealth fund has taken a stake in Royal Dutch Shell, it was confirmed on Friday.

Qatar Investment Authority is also negotiating a stake in Italy`s ENI, according to a report in the Middle East Economic Survey.

“We are delighted to welcome the Qatar Investment Authority (QIA) as a long term and major shareholder in Shell, and particularly given our excellent strategic relationship with the Qatari state,” said Ross Whittam, a London-based spokesman for Shell.

The company confirmed a report on the purchase published in the Middle East Economic Survey but did not say how big the stake was although it is reportedly between 3-5 percent.

The news comes just weeks after it Qatar`s stake in Total, Europe`s third-largest oil company, rose to three percent.

Christophe de Margerie, Total`s chairman and chief executive officer said Total and Qatar were planning to invest in joint projects in West Africa.

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.

© Content from this site must be hyperlinked when used.


Fields with * are required.

Please enter the letters as they are shown in the image above.
Letters are not case-sensitive.