(MENAFN) State-owned oil and gas giant Qatar Petroleum (QP) announced that it will absorb Qatar Petroleum International (QPI), in a move that suggests that authorities want to consolidate the industry due to the plunge in oil prices, Gulf Business reported.
"The integration will see QPI's employees, assets and projects transition into the new QP organization commencing in March of this year," QP said in a statement.
QPI is a wholly owned subsidiary of QP which was formed in 2007 as the foreign investment arm of the firm, resulting in the company creating 10 joint ventures in the United States, Britain, Italy, Singapore, Egypt among other countries.
After the integration between the two companies, QPI's management and employees will continue to run the company's day-to-day operations, with QP currently reviewing QPI's projects and structures
QP also said that it is considering a plan to cut its current workforce of around 14,000 employees over the coming two years, in some areas by as much as 30 per cent, in addition to restructuring some of its departments.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.