Qatar Petroleum set to announce restructuring plans

Market news
Market news

Qatar Petroleum is set to announce a restructuring plan in the next few months in a bid to adapt to the change in oil price.

According to the head of its international subsidiary, Qatar Petroleum International, the change is being made at the “right time” for the company.

Chief executive Nasser Khalil Al-Jaidah said oil prices provided a motivation to help make the institution “more capable” of facing challenges in the next few years.

Earlier this year, Qatar Petroleum said it would absorb Qatar Petroleum International into its structure, a move suggesting authorities want to consolidate the industry after the price drop.

Qatar Petroleum International was formed in 2007 as the foreign investment arm of the firm.