At 40, QP aims bigger as assets soar 85 times

July 06, 2014 - 1:50:03 am
H E Dr Mohamed bin Saleh Al Sada (centre), the Minister of Energy and Industry, with Qatar Petroleum employees on the occasion of the 40th anniversary celebrations at Katara. Kammutty VP

DOHA: The combined assets of Qatar Petroleum (QP) soared by 85 times over the past four decades. The total revenues of QP increased by 40 folds and net profits surged by 300 times during the period, H E Mohamed bin Saleh Al Sada, the Minister of Energy and Industry and Chairman of QP said on Friday.

The minister was addressing a gathering attended by ministers, top government officials, diplomats and energy industry captains in Qatar, to mark celebration of the 40th anniversary of the issuance of Emiri Decree July 4, 1974, establishing what was then known as the “Qatar General Petroleum Corporation.” 

The event was held under the patronage of H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, the Prime Minister and Minister of the Interior at Katara. H E Dr Hamad bin Abdulaziz Al Kuwari, the Minister of Culture, Arts and Heritage, H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani, the Minister of Economy and Trade, H E Dr Issa Saad Al Jafali Al Nuaimi, the Minister of Administrative Development, 

H E Abdullah Saleh Mubarak Al Khulaifi, the Minister of Labour and Social Affairs, H E Ahmed bin Amer Al Humaidi, the Minister of Environment, and H E Jassim Saif Al Sulaiti, the Minister of Transport, were present.

This year also marks the 75th anniversary of the discovery of oil in Qatar…. Qatar Petroleum has contributed in building the national economy and forming one of the fastest growing economies in the world, and that the contribution of the oil sector in the GDP last year exceeded 54 percent, Dr Al Sada noted.

“Qatar Petroleum has never merely been an oil and gas company, but it has served since its establishment as a factory for building capabilities, as a catalyst for progress and development, and as a partner in all development fields, mainly human development. Therefore, the corporation has always considered Qatari human resources as a true national wealth. It has sought to educate and train Qatari youths and develop their skills, thus enabling them to reach top positions and achieve great success, with many of them now serving as diplomats, army officers, businessmen, high officials and ministers,” he said.  

Dr Al Sada added: “During the last two decades, Qatar oil production has doubled, and the real value of the North Field was proven by the direct support and guidance of H H the Father Emir. H H the Emir himself has acknowledged the efforts of H H the Father Emir in this respect when he said: “Without such courage, Qatar would not have been able to make all these achievements which have laid the infrastructure of the oil and gas industry.”

Today, Qatar is recognised as the world’s No. 1 exporter of liquefied natural gas (LNG) with its production capacity of 77 million tons per annum, and it is also known as the global capital of gas-to-liquids (GTL) products. 

QP is committed to the continued development of the country’s oil and gas industry and its ongoing projects and future ventures are guided by its recently launched corporate vision, which is ‘to be a world-class oil and gas corporation, with its roots in Qatar, and a strong international presence.

The Peninsula

comments powered by Disqus