As part of efforts towards diversifying the economy and creating various opportunities for investments in the country, especially for the energy sector, Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani launched Qatar Petroleum’s ‘Localisation Program for Services and Industries in the Energy Sector’ known as Tawteen. The programme is expected to enhance localising the sector’s supply chain and expand the small and medium enterprises base, thus creating a long-term sustainable economic value for the country.
The Minister of State for Energy Affairs and the President and CEO of QP, H E Saad bin Sherida Al Kaabi, said Tawteen comes as part of QP’s dedicated efforts for the advancement of the country under the leadership of Amir H H Sheikh Tamim bin Hamad Al Thani. He added: “This programme provides local alternatives to exports, with a value between QR8bn and QR9bn a year, which would raise GDP by about 1.6 percent.”
It’s a welcome step that the programme will also give suppliers and investors a chance to engage in one-on-one discussions with representatives from local services and industrial companies, as well as providing potential suppliers and investors with an opportunity to register their interest for new business opportunities within the energy sector. The initiative will certainly develop the local industry and will be a big boost for the promotion of the self-reliance. The programme will also generate high quality job opportunities.
It’s a known fact that Tawteen will reinforce Qatar’s position as a leading, reliable, and trustworthy supplier of clean energy and high quality hydrocarbon producer in the world.
As it’s known, QP is working with various government authorities and stakeholders to facilitate the provision of the required infrastructure and for the creation of appropriate policies, regulations and incentives to attract local and international companies to establish operations in Qatar. It is also coordinating with other stakeholders to help facilitate the development of new industries in the sector in order to ensure they acquire the capacity for greater competitiveness and financial sustainability.
It should also be highlighted QP’s efforts towards optimising Qatar’s natural resources, higher efficiency and returns, and growth and expansion. Through its recent decisions and achievements, the petroleum major has cut its operational cost by QR4bn annually and adopted a strategy to raise production output from 4.8 million to 6.5 million barrels of oil equivalent per year. These efforts will raise Qatar’s LNG production from 77 to 110 million tonnes per year by 2024.
Under Tawteen initiative, it’s announced that Qatar will also be acquiring a substantial number of LNG vessels to transport the increased output of gas. It may require up to 60 additional ships in the near future. Qatar Free Zones Authority, an authority that regulates world-class free zones in Qatar, has identified 69 investment opportunities in partnership with Qatar Petroleum.
QFZA will provide land and property solutions to facilitate these opportunities, which are expected to contribute significantly to Qatar’s economic diversification and create thousands of new jobs. This shows that more public-private partnerships will emerge with the continued efforts and new initiatives taken by the wise leadership of the country.
