Qatar Petroleum (QP) has announced the integration of Qatar International Petroleum Marketing Company Ltd. (Tasweeq) into the QP family, as part of the company’s ongoing efforts to become one of the leading national oil companies in the world.
Qatar Petroleum, which was established in 1974 by Emiri Decree No. 10, is responsible for all phases of the oil and gas industry in the state of Qatar. The principal activities of Qatar Petroleum, its subsidiaries and joint ventures are the exploration, production, local and international sale of crude oil, natural gas and gas liquids, refined products, synthetic fuels, petrochemicals, fuel additives, fertilizers, liquefied natural gas (LNG), steel and aluminium.
Tasweeq, which was established in 2007 by Emiri Decree no. 15, operated independently from other oil and gas companies and is responsible for the export marketing of regulated products including liquefied petroleum gas (LPG), refined products, condensates and sulphur, as well as non-regulated products including crude oil and gas-to-liquid entitlements, on behalf of Qatar Petroleum.
The integration will involve transitioning Tasweeq’s employees, assets and customer relationships into Qatar Petroleum’s organisation before the end of the year.
The integration of Tasweeq is aimed at creating efficiencies within the integrated group’s human and financial resources. Undoubtedly, the prevailing low crude oil prices has been instrumental in the move.
“The integration of Tasweeq into QP will unquestionably help us to enhance our ability to offer superior integrated products and services in an ever more competitive and demanding market environment. It will also help us maximize greater value for QP and the State of Qatar across the entire oil and gas value chain,” said Saad Sherida Al Kaabi, president and CEO of Qatar Petroleum.
“During the transition period, Tasweeq’s management and employees will continue to manage Tasweeq’s day-to-day operations and remain the key focal points for all Tasweeq’s customers, partners and suppliers.”
“QP looks forward with enthusiasm, confidence and a great sense of responsibility to deliver on its ambition to become one of the best integrated national oil companies in the world and, with Tasweeq, it is confident that this integration represents another key milestone that will help QP further enhance its competitiveness and distinctiveness,” Al Kaabi added.