Layoffs, divestments at Qatar Petroleum

DOHA, June 24, 2015 – Qatar Petroleum has announced layoffs and planned exits from its non-core businesses.

CEO Saad Sherida Al Kaabi said on Tuesday that foreign staff had been laid off, without providing details. No Qatari employees were impacted, and further layoffs are not planned.

The state oil and gas company’s non-core businesses, including insurance, catering and services companies, are slated to be sold off to the private sector.

Al Kaabi told reporters that foreign acquisitions would follow the restructuring process. “We are very ambitious internationally,” he said, noting that the company is focusing on the upstream sector.

Qatar Petroleum began an eight-month restructuring process in November 2014. As part of these efforts, the company absorbed its wholly owned subsidiary, Qatar Petroleum International.

In the same press breifing, Al Kabbi announced that the company is proceeding with a project to add export capabilities to a LNG import terminal in Sabine Pass, Texas. Engineering and design work for the project is underway and construction of the liquefaction plant is to start in 2016.

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