11-10-2021
His Excellency Eng. Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Energy, announced today the change of the name of Qatar Petroleum to Qatar Energy.
Announcing this change, His Excellency said: “in a major turning point in our history, we are pleased to announce that Qatar Petroleum has become today the Qatar Energy. With a new brand and corporate identity, Qatar Energy will continue to provide the cleanest energy that the world needs, and to play its role as an effective and essential partner to reach on the best solutions in the current global transition to low carbon energy”.
He added that this comes in the wake of a historical development that witnessed the transformation of Qatar Petroleum into the Qatar General Petroleum Corporation, then the transformation into Qatar Petroleum twenty years ago, and Qatar Energy today.
His Excellency Eng. Saad bin Sherida Al-Kaabi presented an overview of the historical landmarks that pushed towards this transformation, including the discovery of oil in 1938, the discovery of the largest non-associated gas field in the world in 1971, leading to global leadership in the field of liquefied natural gas.
His Excellency shed light on the development of Qatar Petroleum during the past seven years, which witnessed a major restructuring in 2014, and the inclusion of marketing subsidiaries such as Tasweeq and Muntajat to Qatar Petroleum, and the implementation of one of the largest mergers in the world in the gas industry, which resulted in the largest company in All over the world (Qatar Gas), as well as managing and operating major energy sources such as the Al-Shaheen, Al-Edd Al-Sharqi, and Al-Rayyan oil fields.
His Excellency said, "We are moving forward with full force to develop the North Field by building the latest liquefied natural gas production lines, which will push our leading position forward with a production capacity of 126 million tons per year in 2027. Not only that, but we are making efforts to protect our environment by paying our carbon footprint is kept to a minimum, which is why we will use the most advanced methods in the field of carbon sequestration and retention to sequester nine million tons of carbon dioxide annually by the end of this decade.”
He continued, "Natural gas is our core business, and we manage it in the most responsible manner. Natural gas is also part of the solution in the ongoing transition to low-carbon energy, and will be a requirement to achieve sustainability in the world's development for at least a few decades."
His Excellency Eng. Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Energy, said, "Our transformation to Qatar Energy reflects our understanding of global changes and our response to the need to protect our planet and its environment, and thus our LNG projects will not bring additional cleaner energy to our customers in not only around the world, but we will continue our growing commitment to our central role in the global transition to low carbon energy.”
In a statement to reporters, His Excellency Eng. Al-Kaabi indicated that Qatar Petroleum is a giant company that has done a lot in the energy sector, and said in this regard, "With the change that has occurred, we are now qualified to be a partner in the transition towards clean energy, especially with our presence in the gas market in a large way." The choice of the new name is in line with our work in the future.”
With regard to the expansion in the field of solar energy projects, he added, "We are now expanding in this field, and we are currently building the largest solar power plant that will be opened next year."
His Excellency extended his deep thanks and gratitude to His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the country, may God protect him, for his wise guidance and continuous and unlimited support. He also thanked all the company’s employees, past and present, for their dedication and tireless efforts that led to this moment. He also thanked context Executive team members, partners, subsidiaries and joint ventures.
His Excellency stressed that Qatar Energy enhances life in every corner of the world for a better tomorrow for all, and that it is everyone's partner in the transition to low-carbon energy.