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Tribune News Network
DOHA
Qatar Petroleum (QP) has become the exclusive entity to market and sell all crude oil exported from Qatar, the company announced in a press statement on Tuesday.
The move comes after a ministerial directive stating"all crude oil produced in Qatar for export to international markets has been designated as a Regulated Product effective January 1, 2018," the statement said.
QP, which was 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 other 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," the statement said.
Saad Sherida al Kaabi, QP President and CEO, hailed the announcement as a step forward towards realising its vision to become one of the best national oil companies in the world, with Qatari roots and a strong international presence.
He 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 Qatar and the crude oil producing entities.
"It will also further strengthen Qatar Petroleum's international marketing ability and expand its global footprint."
Kaabi added,"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' (previously known as 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 Qatar.
Qatar Petroleum was appointed by the State, 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, the statement added.
