Doha, Qatar - Qatar Petroleum (QP) board of directors has decided to integrate Qatar Petroleum International (QPI) within QP, in an effort to further expand Qatar Petroleum’s growth, development and international presence.
With this integration, QP will leverage a combined set of technical, commercial and financial capabilities, while ensuring the highest effectiveness and efficiency in the use and deployment of its human and financial resources.
The integration will see QPI’s employees, assets and projects transition into the new QP organization commencing in March of this year.
Mr. Saad Sherida Al Kaabi, President and CEO of QP, said: “The integration of QPI into QP will unquestionably help us enhance our ability to expand internationally and extract further value for QP and the State of Qatar across the oil & gas value chain.”
“QP looks forward with enthusiasm, confidence and a great sense of pride and responsibility to deliver on its next phase of international growth. We are confident that this integration will further support QP’s vision to become a world class oil & gas corporation, with its roots in Qatar, and a strong international presence,” Mr. Al Kaabi concluded.
On his part, Mr. Nasser Khalil Al-Jaidah, CEO of QPI, said: “As the international investment arm of QP, QPI has delivered on its mandate by securing a multibillion dollar portfolio of global investments with leading international companies. This strategic transition combines the strength of both companies to become a fully integrated international energy player. We look forward to the next phase of growth under the capable leadership of QP and for the full benefit of the State of Qatar.”
During this transition and before full integration, QPI management and employees will continue to manage QPI’s day-to-day operations and remain the key focal points for all QPI partners, customers and suppliers.
QPI was founded in 2007 with the objective of establishing QP’s international presence across different countries. QPI’s mandate was to fulfill the critical role of incubator for QP by building a portfolio of assets and opportunities internationally. Over the last few years, QPI has partnered with leading global players to form ten joint ventures across four continents.