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QP has finalized a long-awaited restructuring program that will see the integration of its overseas arm QPI. This will come with a reduction in the number of foreign employees and QP’s withdrawal from non-core businesses.
State-owned oil and gas giant Qatar Petroleum (QP) announced a major corporate shake up at a media briefing in Doha on 24 June. The firm will cut back on its foreign interests and withdraw from non-core (ie non-oil and gas) business areas such as insurance, catering and other service companies. No specifics were unveiled regarding staff cuts. The company has around 14,000 employees.
With the integration of Qatar Petroleum International (QPI), the enlarged entity will be responsible for oil and gas businesses both domestically and internationally. QPI was set up in 2007 as a foreign investment company and has since then created around 10 joint ventures in the United States, Britain, Italy, Singapore, Egypt, Algeria and elsewhere. (CONTINUED - 1051 WORDS)