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State-owned Qatar Petroleum (QP) will take over its wholly-owned foreign investment arm Qatar Petroleum International (QPI), as per a decision announced by QP’s board of directors on 26 January. The decision to consolidate Qatar’s oil and gas business is well timed, given the recent collapse in oil prices, and follows this month’s ruling by QP and Shell not to proceed with their $6.5bn Al-Karaana petrochemical project (MEES, 16 January).
With the integration of QPI, “QP will leverage a combined set of technical, commercial and financial capabilities,” while ensuring the highest degree of “efficiency in the use and deployment of its human and financial resources,” QP said in a statement on its website. (CONTINUED - 291 WORDS)