QP Double its Net Profit 300 Times Over Four Decades - Minister

Doha, July 05 (QNA) - Qatar Petroleum (QP) has managed to double its net profit 300 times over four decades, said HE Minister of Energy and Industry HE Dr. Mohammed bin Saleh Al Sade, who is also Board Chairman of Qatar Petroleum (QP) . HE Dr. Al Sada was speaking at a ceremony held under the patronage of HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani, on the occasion of the 40th anniversary of Qatar Petroleum. Qatar Petroleum (QP) has been able to make a number of achievements over the past decades in various walks of life, said HE Dr. Al Sada adding that "these efforts have led to a doubling of the total consolidated assets of Qatar Petroleum over the past forty years, 85 times .. and total revenues of more than 40 times .. while net profit doubled more than 300 times. " He stressed that "Qatar Petroleum has contributed to the development of the national economy and to the formation of one of the fastest growing economies in the world,". The oil sector's contribution to GDP of the State of Qatar last year amounted to more than 54%, HE Dr.Al Sada noted. HE Dr. Al Sada lauded the long and bright history of Qatar Petroleum, which was established under the Emiri Decree No. 10 dated July 4, 1974, where it has occupied the 14th place among the global oil and gas companies. Dr. Mohamed bin Saleh Al Sada, the company was not in any one day just an oil and gas company, but has been since the first day a capacity building plant, an encourager of the path of progress and development and a partner to all development fields especially the human sector. It saw in the human resources of Qatar a genuine national wealth, therefore it worked on educating, training and developing the skills of the young Qataris, until they reached the highest ranks and positions and achieved the greatest successes, Dr. Al-Sada said adding that "they include diplomats, officers, businessmen, senior officials and ministers." He said "success does not come by coincidence, nor it comes on its own, but it is rather comes as a result of meticulous and proper planning as well as sincere efforts and hard work .. and this is exactly what the State of Qatar did, especially during the last two decades, which witnessed an unprecedented development in the oil and gas sector ". Dr. Al-Sada expressed QP pride for the role it played in the implementation of major expansions led by HH the Father Emir Sheikh Hamad bin Khalifa Al-Thani and which will be completed by HH the Emir Sheikh Tamim Bin Hamad Al-Thani. He said over the past two decades Qatar's oil production has doubled and appeared the real value of the North Gas Field with direct support and guidance from HH the Father Emir, noting that HH the Emir pointed to the efforts of the Father Emir in this regard, saying " without this courage, Qatar would not have been able to achieve all these accomplishments and lay the infrastructure for the oil and gas industry. " Dr. Al-Sada explained that Qatar, thanks to the policy of our wise leadership, became the first producer and exporter of Liquefied Natural Gas (LNG) in the world, owner of the largest gas transport fleet and world capital of GTL ( the refinery process to convert natural gas or other gaseous hydrocarbons into longer-chain hydrocarbons such as gasoline or diesel fuel). He said on the land of Qatar the largest single site for the production of ammonia and urea is located, noting that Qatar is the largest exporter of helium gas in the world. Dr. Al-Sada underlined that the State of Qatar is moving forward apace and confident, under the leadership of HH the Emir Sheikh Tamim bin Hamad Al Thani and is racing against time on the road to development, progress and prosperity, and is laying the foundations for a better future for the generations to come. Dr. Al-Sada recalled the confirmation of HH the Emir since assuming office that "the lesson remains in the results" and that is what we are working to achieve with all our energies day after day'', stressing that Qatar Petroleum will not stop waiting for the future, but will press ahead in support of the homeland and its institutions in order to provide climate for sustainable economic growth, and for building and strengthening the national wealth. During the ceremony, a short film was screened to show some veteran workers narrating their work experience in Qatar Petroleum. Some live pieces of traditional musical were also played. Then Dr. Mohammed bin Saleh Al Sada honoured seven employees of Qatar Petroleum, who had spent 40 years of service in the organization, and a number of other retirees. The ceremony, which was held in the cultural district, "Katara" was attended by HE the Minister of Culture, Arts and Heritage Dr Hamad Abdulaziz Al Kuwari, HE the Minister of Economy and Trade Sheikh Ahmed bin Jassim bin Mohamed Al-Thani, HE the Minister of Administrative Development Dr. Issa Saad Al-Jafali Al-Nuaimi, HE the Minister of Labour and Social Affairs HE Dr. Abdullah bin Saleh Al-Khulaifi, HE the Minister of Environment Ahmed bin Amir Al Hemaidi and HE the Minister of Transport Jassim bin Saif Al Sulaiti. It was also attended by a number of members of the diplomatic corps and foreign senior officials at oil and gas companies operating in Qatar as well as guests from academic institutions and other sectors, in addition to Qatar Petroleum's senior officials.(QNA)