Qatar Petroleum will restructure to adapt to the falling oil prices, with more specific plans due to be announced in the coming months, the head of Qatar Petroleum International (QPI) said.
“The restructure comes at the right time, with low oil prices a great motivation for the institution to be more capable of facing challenges in the upcoming years by getting rid of all burdens that accumulated during the previous period,” Nasser Khalil Al-Jaidah, CEO of QPI, told state news agency QNA.
Al-Jaidah added that “Qatar Petroleum has been busy developing its fields and ventures, which are almost complete now, putting the company in a better position”.Â
Earlier this year, QP announced plans to absorb its fully owned international subsidiary QPI into its structure, which was seen as a move to consolidate the industry after the fall in oil prices.
Al-Jaidah said the international projects of QPI are currently being evaluated in terms of geopolitics, prices and current challenges, so as to align with Qatar Petroleum’s vision.
The CEO added that oil prices and demand for OPEC oil woulld improve, but prices would not reach the $100 mark.Â
On Friday Brent sold at $66.81, as prices almost halved since June last year, when crude traded at $115 a barrel.
