PHOTO
12 December 2016
By Sachin Kumar
Qatar will merge LNG producers Qatargas and RasGas to create a new energy giant. The integration process is planned to start immediately and is expected to be completed within the next 12 months, said Saad Sherida Al Kaabi, President and CEO of Qatar Petroleum (QP) yesterday. The new entity, named Qatargas, will operate all of Qatar’s LNG ventures.
“It has been decided to merge RasGas and Qatargas into one company under the name Qatagas. Operations will remain the same with the same numbers. The integration aims to create a truly unique global energy operator in terms of size, service and reliability,” said Al Kaabi in a press conference held yesterday held at QP headquarters. “We will merge the distinctive resources and capabilities of Qatargas and RasGas to create even higher value for our stakeholders, and enhance our competitive position,” he added.
Representatives of the main international shareholders in both companies including ExxonMobil, Total, ConocoPhillips, and Shell, and the CEOs of Qatargas and RasGas were present during the press conference.
He told reporters that the integration of the activities of these two energy centres of excellence means that upon completion, there will be a single expanded and enhanced operating entity. “The collective resources, talents, and capabilities of two global leaders will be joined to create an even more effective and efficient organisation to uphold the best interests of Qatar, our customers, and our shareholders,” the President and CEO of Qatar Petroleum added.
The existing operations groups within both companies will not be impacted at all by the integration, as the highest priority is given to ensuring a safe, seamless and risk-free business continuity, he added.
Al Kaabi said that the merger will help to reduce operation costs and will make the entity more competitive. "Of course, as an outcome of this cost reduction will be realised, it will make us more competitive in the market," he said, adding that the move would save “hundreds of millions of dollars”, without giving a timeframe for the savings. “It's one business that will do the same thing. Putting it all (in) one place gives you a much bigger advantage in marketing,” he said. He emphasised on Qatar Petroleum’s resolve to achieve its vision‘to become one of the best national oil companies in the world’, and to ensure the reinforcement of Qatar’s continued and sustainable economic growth. “Hence, this and other initiatives that QP has embarked upon, are all enablers that will make our vision become a reality,” he said.
He paid tribute to the high Qatari competencies and capabilities, which were at the centre of attention and development throughout the history of Qatargas and RasGas, and which have proven high professionalism in their various fields of expertise.
By Sachin Kumar
Qatar will merge LNG producers Qatargas and RasGas to create a new energy giant. The integration process is planned to start immediately and is expected to be completed within the next 12 months, said Saad Sherida Al Kaabi, President and CEO of Qatar Petroleum (QP) yesterday. The new entity, named Qatargas, will operate all of Qatar’s LNG ventures.
“It has been decided to merge RasGas and Qatargas into one company under the name Qatagas. Operations will remain the same with the same numbers. The integration aims to create a truly unique global energy operator in terms of size, service and reliability,” said Al Kaabi in a press conference held yesterday held at QP headquarters. “We will merge the distinctive resources and capabilities of Qatargas and RasGas to create even higher value for our stakeholders, and enhance our competitive position,” he added.
Representatives of the main international shareholders in both companies including ExxonMobil, Total, ConocoPhillips, and Shell, and the CEOs of Qatargas and RasGas were present during the press conference.
He told reporters that the integration of the activities of these two energy centres of excellence means that upon completion, there will be a single expanded and enhanced operating entity. “The collective resources, talents, and capabilities of two global leaders will be joined to create an even more effective and efficient organisation to uphold the best interests of Qatar, our customers, and our shareholders,” the President and CEO of Qatar Petroleum added.
The existing operations groups within both companies will not be impacted at all by the integration, as the highest priority is given to ensuring a safe, seamless and risk-free business continuity, he added.
Al Kaabi said that the merger will help to reduce operation costs and will make the entity more competitive. "Of course, as an outcome of this cost reduction will be realised, it will make us more competitive in the market," he said, adding that the move would save “hundreds of millions of dollars”, without giving a timeframe for the savings. “It's one business that will do the same thing. Putting it all (in) one place gives you a much bigger advantage in marketing,” he said. He emphasised on Qatar Petroleum’s resolve to achieve its vision‘to become one of the best national oil companies in the world’, and to ensure the reinforcement of Qatar’s continued and sustainable economic growth. “Hence, this and other initiatives that QP has embarked upon, are all enablers that will make our vision become a reality,” he said.
He paid tribute to the high Qatari competencies and capabilities, which were at the centre of attention and development throughout the history of Qatargas and RasGas, and which have proven high professionalism in their various fields of expertise.
© The Peninsula 2016
