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Qatar Petroleum Eyes Foreign Expansion

Qatar Petroleum Eyes Foreign ExpansionQatar Petroleum Eyes Foreign Expansion

Qatar Petroleum plans to expand overseas after a restructuring that included the takeover of its foreign investment arm and the firing of some foreign workers.

“We are very ambitious internationally,” Saad Sherida al-Kaabi, chief executive officer at the world’s biggest producer of liquefied natural gas, told reporters Tuesday in Qatar’s capital, Doha. “We are focusing on the upstream business,” he said, declining to provide details.

The unspecified job cuts were one part of an eight-month restructuring effort that has seen QP take over Qatar Petroleum International, divest non-energy units including a catering company, and impose stricter conditions on foreign partners, Bloomberg reported.

Since leading Qatar’s transformation into the largest LNG supplier, QP has shifted its priority to managing a slump in the nation’s oil output while expanding internationally.

The change has made the Persian Gulf emirate less attractive to foreign companies seeking to maximize output, according to a June report by Michael Barron, director of global energy at risk consultants Eurasia Group.

 

Financialtribune.com