Conoco in project agreement with Qatar |
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Tuesday, Dec 11, 2007
ConocoPhillipsConocoPhillips
, the US's third-largest oil company, yesterday signed an agreement with Qatar Petroleum International, Qatar's state-owned oil company, to pursue and develop international energy projects outside Qatar.
The agreement marks a trend started by other international oil companies, who have signed similar agreements with national oil companies in Russia.
It underlines the weakened position international oil companies, such as ConocoPhillipsConocoPhillips, find themselves in that they are signing up to help competitors expand their businesses abroad.
It is unclear what ConocoPhillipsConocoPhillips will get by helping resource-rich Qatar develop outside its borders, beyond the hope of more access to Qatar's national resources.
The statement noted the agreement marked a "milestone'' in Qatar PetroleumQatar Petroleum realising its ambition to become a leading global energy company.
ConocoPhillipsConocoPhillips said it was "pleased to be joining Qatar PetroleumQatar Petroleum International in the pursuit of global opportunities".
"This is an exciting opportunity for both companies to advance our existing relationship,'' said James Mulva, chief executive officer.
By SHEILA MCNULTY
© Copyright The Financial Times Ltd 2007. Privacy policy.
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