National oil and gas company Qatar Petroleum (QP) will absorb investment unit Qatar Petroleum International (QPI) in a move to consolidate the industry after the plunge of oil prices, Reuters reprots.
“The integration will see QPI’s employees, assets and projects transition into the new QP organisation commencing in March of this year,” QP told the news agency in an emailed statement.
In the period before full integration, QPI’s management and employees will continue to run the company’s day-to-day operations, the statement added.
QPI is a wholly owned subsidiary of QP and was formed in 2007 as the foreign investment arm of the firm.
Over the last few years, QPI has created 10 joint ventures in the United States, Britain, Italy, Singapore, Egypt and elsewhere, though it has not disclosed a figure for its total assets, accoridng to Reuters.
Meanwhile, industry sources in Qatar told Reuters that QP was planning to cut its current workforce of around 14,000 employees over the coming two years, in some areas by as much as 30%, in addition to restructuring some of its departments.
“The job cuts will affect both Qatari and expat employees.” the source said.
