In his opening speech, His Excellency Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said this program comes as part of Qatar Petroleum’s dedicated efforts for the advancement of our country under the leadership of His Highness Sheikh Tamin bin Hamad Al Thani, the Amir of the State of Qatar.
His Excellency reviewed Qatar Petroleum’s efforts towards optimizing Qatar’s natural resources, higher efficiency and returns, and growth and expansion. He also highlighted its recent decisions and achievements, which included cutting operational cost by 4 billion Qatari Riyal annually, adopting a strategy to raise Qatar Petroleum’s production output from 4.8 million to 6.5 million barrels of oil equivalent per year, raising Qatar’s LNG production from 77 to 110 million tons per year by 2024, developing a new world-scale Petrochemicals Complex with the largest ethane cracker in the Middle East, and Qatar Petroleum’s most recent decision to invest more than 10 billion dollars in the Golden Pass LNG export facility in Sabine Pass, Texas.
His Excellency Mr. Al-Kaabi said, “As part of our national duty to develop the industry in Qatar and to promote self-reliance, we saw the need to localize many of the supporting industries in our sector to help enhance our independence as well as support the private sector through TAWTEEN.”
His Excellency said, “This program provides local alternatives to exports, with a value of between 8 and 9 billion Qatari Riyals a year, which would raise GDP by about 1.6%.” He added that “TAWTEEN is made up of two parts. The first is creating 100 new investment opportunities within the energy sector. In this effort, Qatar Petroleum and its companies will offer incentives and offtake guarantees according to the program’s guidelines. The second part is an In-Country Value policy, which rewards suppliers and contractors who execute their contracts and agreements by maximizing local content.”
The launch ceremony witnessed the signing of three agreements with leading international companies with a total value of 9 billion Qatari Riyals. This will give an important momentum to the program’s objectives, which target adding 15 billion Qatari Riyals of in-country economic investment value to the local economy, which reflects investor confidence in the Qatari economy.
Qatar Petroleum and Baker Hughes, a GE company, signed a memorandum of understanding designed to help create new opportunities to expand its presence Qatar, and to enhance its operations through continued investment in technologies and services in the years to come. The agreement would also help strengthen the oil and gas supply chain in Qatar and boost the skills of Qatari talent in the industry.
Qatar Petroleum also signed a memorandum of understanding with Schlumberger, which recently celebrated 70 years of presence in Qatar. The agreement will help increase the footprint of Schlumberger, which plans to expand its current operations in Zikreet, open a new integrated base facility in Ras Laffan by the end of 2019, and establish a Center of Efficiency in the Free Zone to be used as a regional maintenance center.
Also on the sidelines of the launch ceremony, Nakilat and McDermott signed an agreement to form a joint-venture company providing offshore and onshore fabrication services in Qatar. The new company will help increase productivity levels at Nakilat’s Erhama Bin Jaber Al Jalahma Shipyard and developing local construction capabilities meet the increasing demand for the construction of offshore and onshore structures. This project will provide a range of new services that will support the construction, maintenance, repair and refurbishment of offshore and onshore structures, and all types of vessels.
A number of Qatar Petroleum senior officials presented overviews during the opening of the conference on TAWTEEN and the opportunities it offers to the various stakeholders, as well as the In-Country Value policy designed to maximizing local content. They also discussed plans to develop strategic sectors that would help attract investments in Qatar and create more business for small and medium enterprises.
15 of the biggest energy sector companies are taking part in “TAWTEEN” in what will provide greater support to the oil and gas industry, and will reinforce the State of Qatar’s position as a leading, reliable, and trustworthy supplier of clean energy and high quality hydrocarbon products to the world.
Qatar Petroleum is working with various government authorities and stakeholders to facilitate the provision of the required infrastructure and for the creation of appropriate policies, regulations and incentives to attract local and international companies to establish operations in Qatar. It is also coordinating with other stakeholders to help facilitate the development of new industries in the energy sector in order to ensure they acquire the capacity for greater competitiveness and financial sustainability.
About Qatar Petroleum
Qatar Petroleum is an integrated national oil corporation responsible for the sustainable development of the oil and gas industry in the State of Qatar and beyond.
Qatar Petroleum’s activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and internationally, and include the exploration, production, processing, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilizers, steel and aluminum.
Qatar Petroleum is committed to contribute to a better future by meeting today’s economic needs, while safeguarding our environment and resources for generations to come. Thriving on innovation and excellence, Qatar Petroleum is bound to the highest levels of sustainable human, socio-economic, and environmental development.
For more information, please visit www.qp.com.qa
© Press Release 2019