Qatar Petroleum has become the sole company responsible for exporting the country's crude oil, the company announced Tuesday.
In a press release, Qatar Petroleum stated that in accordance with the state of Qatar's ministerial directive effective from Jan. 1, all crude oil produced in the state of Qatar for international markets has been designated to Qatar Petroleum for exportation.
'Going forward, Qatar Petroleum becomes the single interface with the international markets for all marketing and sales related activities,' the press release said.
Previously, Qatar Petroleum and various international oil companies active in the production of crude oil in Qatar independently marketed crude oil based on their production entitlements, the press release said.
Qatar Petroleum President and CEO Saad Sherida Al-Kaabi 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,' according to the press release.
“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.
'This is an important milestone in support of the continued and sustained growth and development of our national economy”, Al-Kaabi said in the press release.
By Muhsin Baris Tiryakioglu
Anadolu Agency
energy@aa.com.tr