Qatar Petroleum (QP) has said all crude oil produced in the State of Qatar for export to international markets has been designated by a ministerial directive as a “regulated product” with effect from January 1.
Consequently, Qatar Petroleum, as the marketing agent for ‘Qatar Petroleum for the Sale of Petroleum Products Company Limited’ (QPSPP), will be the exclusive entity to market and sell all crude oil exported from Qatar.
Previously, QP and the various international oil companies active in the production of crude oil in Qatar were independently marketing crude oil based on their production entitlements.
Going forward, QP becomes the single interface with the international markets for all marketing and sales related activities.
QP president and CEO Saad Sherida al-Kaabi described the announcement as “a further step towards realising QP's vision to become one of the best national oil companies in the world, with roots in Qatar and a strong international presence.”
Al-Kaabi said, “The regulation of crude oil exports is expected to deliver significant synergies in marketing and logistics, as well as cost efficiencies to the benefit of the State of Qatar and the crude oil producing entities. It will also further strengthen Qatar Petroleum's international marketing ability and expand its global footprint.”
Al-Kaabi concluded his remarks by saying “this is an important milestone in support of the continued and sustained growth and development of our national economy.”
QPSPP, formerly known as, Qatar International Petroleum Marketing Company Limited (Tasweeq), was established pursuant to Decree Law No. (15) of 2007 concerning the organisation of marketing and selling of regulated products outside Qatar, and is wholly-owned by the State of Qatar.
Qatar Petroleum was appointed by the State of Qatar, pursuant to Law No. (9) of 2016, as QPSPP's marketing agent in order to leverage the combined set of technical, commercial and financial capabilities and to achieve cost efficiency through the harvesting of synergies.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Substantial rise in UK exports to Qatar
LuLu Group’s Twenty14 Holdings acquires iconic Scottish landmark
Astad signs MoU with Turkish firm to strengthen business ties
QFCRA warns about false claims by firm
Qatar retail space expands 60% in fourth quarter of 2017
QIB profit jumps 12% to QR2.41bn in 2017
Ahli Bank reports 2017 net profit of QR639.7mn
Europe stocks dip on poor corporate results
Indian equities surge as investors track earnings