Qatargas and RasGas are soon slated to become a single entity – QatarGas – Qatar Petroleum recently announced.
In a statement made at a new conference held on Sunday, December 11, 2016, Qatar Petroleum’s Chief Executive Officer and President Saad Sherida Al Kaabi expressed that the transition phase would take place over the next 12 months, as the two petroleum giants unite to form the world’s largest liquefied natural gas company.
“The integration will pool the resources and capabilities of Qatargas and RasGas, taking the best of both, and will produce an exceptional combination of efficiency and effectiveness, creating an even higher value for their respective shareholders,” Al Kaabi is quoted as stating in an email circular to employees.
He also said that in the wake of the amalgamation he does not anticipate any immediate decreases in operational costs of the two companies. It’s unclear at this stage how the merger will affect further job cuts in the sector.
Tell us your thoughts on the merger announcement in the comments section below.
Source: Doha News
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