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Tawteen receives 1,500 applications for 100 investment opportunities

Tribune News Network
Qatar Petroleum’s localisation initiative “Tawteen” launched in February 2019, is witnessing a large participation of official bodies and entities, energy sector companies, and a wide spectrum of service providers and supporting industries, the company said in a statement on Saturday.
Tawteen received a significant turnout of around 1,500 applications through its investor portal from local investors and global leading suppliers for about 100 new investment opportunities.
Tawteen offers investment opportunities in various fields including engineering services, maintenance, repair & overhaul (MRO), digital technologies, subsurface operations, chemicals and metals, as well as light equipment, business services & other services across the energy sector supply chain.
Applications are currently under review by Tawteen’s dedicated evaluation team. Tawteen will respond to accepted applicants to proceed with the next stage of the pre-tendering process in the fourth quarter 2019, the statement said.
The success of Tawteen’s earlier phases is a crucial step in actualising the vision of Qatar Petroleum towards a resilient localised supply chain, economic diversification and self-reliance.
The evaluation of the submission and award of investment opportunities to selected investors is undertaken based on a robust governance process that is designed to ensure fair competition between all interested investors. The award of such opportunities is planned to commence in the first quarter of 2020, Tawteen said.
The investment opportunities are only one aspect of Tawteen’s efforts intended to increase the local capabilities in services and light manufacturing supporting the energy sector.