Qatar Petroleum will cede control of parts of the industrial city of Mesaieed in 2017 as the state-owned corporation restructures to focus on its core business at a time of low oil prices and increased competition in energy markets.
Control of 200 projects in Mesaieed, a centre for petrochemical and oil refining activities 40 km (25 miles) south of Doha, will be transferred to Manateq, a state-owned company that manages Qatar’s special economic zones in January.
The ceding of a light industries area, concrete plant and raw materials storage area to Manateq will allow QP to focus on its “core business activity,” QP’s CEO Saad al-Kaabi said in a statement.
QP said on Sunday it would absorb Qatar’s petroleum products marketing company, Tasweeq, by the end of the year to save costs for QP in a demanding market environment.
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