Qatar Petroleum (QP) announces that 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 effective 1 January 2018.
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 the State of 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.
Mr. Saad Sherida Al-Kaabi, QP President and CEO, described the announcement as a further step towards realizing its vision to become one of the best national oil companies in the world, with roots in Qatar and a strong international presence.
Mr. 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.”
The President & CEO 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’ (previously known as Tasweeq), was established pursuant to Decree Law No. (15) of 2007 concerning the Organization of Marketing and Selling of Regulated Products Outside the State of 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.