Qatar Petroleum (QP) has recently announced the completion of a re-organisation program, which included the integration of Qatar Petroleum International (QPI) into QP.
The announcement was made by Saad Sherida Al-Kaabi, President and Chief Executive Officer of Qatar Petroleum, who said: “The reorganisation was designed to meet QP’s new strategic objectives to become one of the best NOCs in the world, enabling it to be at par with leading international oil and gas companies.”
He told reporters at a press conference, held at the QP headquarters, that the integration of QPI into QP means that there is now one corporation that is in charge of the company’s oil and gas business domestically and internationally.
Mr Al-Kaabi added: “Leading companies frequently re-organise to meet the requirements of the ever changing competitive environment and deliver on their new strategic objectives, which is exactly what QP did.”
He also noted: “We are in a period of oversupply in the industry, and we need to be very efficient as an organisation. Whilst we have no control over markets and prices, we do have control over our cost and expenditure […] We have ‘right sized’ our organisation to be more dynamic and efficient, and to be able to cope with our strategic needs in the new business environment. We now have total company focus on core business, and are exiting any non-core businesses activities.”
QP’s President and CEO stressed that QP will not compete in any way with the private sector. “To the contrary”, he said, “we want the private sector in Qatar to be strong and grow to help the overall economy.” He also announced that QP will exit the control and management of land allocation in Mesaieed Industrial Area, and such responsibility will be handed over to a government entity to be announced later.
He did, however, regret that QP had to end the contracts of some employees during the implementation of the reorganisation programme.
Edited from press release by Callum O'Reilly
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