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ConocoPhillips Signs Memorandum of Understanding


HOUSTON and DOHA.- ConocoPhillips [NYSE: COP] and Qatar Petroleum International (QPI), a wholly-owned subsidiary of Qatar’s state-owned company, Qatar Petroleum, today announced that the two companies have signed a Memorandum of Understanding (MOU) to pursue and develop international energy projects outside of Qatar.

The MOU was signed on behalf of QPI by His Excellency Abdullah bin Hamad Al-Attiyah, Deputy Prime Minister and Minister of Energy and Industry of Qatar, and by James J. Mulva, ConocoPhillips chairman and chief executive officer. Senior officials from both parties also attended the event, including Nasser Al-Jaidah, QPI chief executive officer, and William Bullock Jr., ConocoPhillips president, Middle East and North Africa.

“Today’s signing marks another milestone in Qatar Petroleum’s realizing our ambition of becoming a leading global energy company; a goal that depends on the development of key international projects through cooperation with leading partners. This agreement with ConocoPhillips offers new avenues of investment and growth and will be instrumental in reaching Qatar Petroleum’s goals,” announced Minister Al-Attiyah. ”We are delighted to be extending our relationship with ConocoPhillips internationally"

"ConocoPhillips is pleased to be joining Qatar Petroleum International in the pursuit of global opportunities. This is an exciting opportunity for both companies to advance our existing relationship,” said ConocoPhillips chairman and CEO, James J. Mulva.

ConocoPhillips is an international, integrated energy company which has collaborated with Qatar Petroleum since 2003 through the development of Qatargas 3, a large-scale LNG project to be located in the Ras Laffan Industrial City, Qatar, with capacity of 7.8 million tons per annum (mta). First LNG cargos from this project are expected to be delivered in 2009.

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