Oil and gas giant Qatar Petroleum said that its board of directors has decided to integrate Qatar Petroleum International (QPI) within the company, in an effort to further expand its 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, QP said in a statement.
The integration will see QPI’s employees, assets and projects transition into the new QP organization commencing in March of this year.
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 .”
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, according to the statement.
QPI was founded QPI 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.
Image: Qatar Petroleum