DOHA: The Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada has announced that Qatar Petroleum (QP) will expand its global footprint as part of its renewed strategies.
QP’s new vision is to emerge itself as world class oil and gas corporation with its roots in Qatar and a strong international presence, Dr Al Sada told reporters at an event that marked the launch of QP’s ‘Vision Statement’ here yesterday.
“We, as an oil and gas company and through our subsidiaries and joint ventures, deliver a wide range of energy products all over the world, creating a strong presence, new opportunities, strategic relations and valuable partnerships which bring benefits to our country,” the Minister said.
As the country’s leading institution, QP played a key role in Qatar’s overall progress, especially during the past two decades. QP will continue this role through supporting institutions building, and providing an incubator environment for sustainable economic development, while supporting enhancing human resources development for the people of Qatar in education, training and employment.
“The wise directives of the Emir constitute a beacon that guides us on the route to progress. We take pride in the fact that the new vision (of QP) sums up our ambitions to be a world class corporation in all our operations and on all levels of operational, administrative and product excellence,” the Minister said.
Quoting banking sources as said Reuters reported that QP has plans to go for an initial public offering of around QR3.2bn ($880m) of petrochemical assets bundled together under a company called Mesaieed Petrochemical Holding Co. Al Sada declined to talk about the petrochemical IPO plan but said there were no plans to float QPI on the stock exchange. “No, we are not thinking of doing that,” he said.
Al Sada said Maersk had signed a QR750m ($206m) deal on Thursday to supply two drilling rigs to QP contractor Gulf Drilling International.
Earlier, presenting the vision statement, Issa Shahin Al Ghanim, Director for Strategic Planning & Policy at QP said: “We see international expansion as very important opportunity for QP to grow and increase its contribution to the growth of Qatar… We have plans and expectations for our international business, but these are confidential. The QP Vision is not intended to imply a particular target; rather it establishes the direction we expect the company to take. Ensuring maximum financial returns from investments is one of the key goals of the renewed vision.”