His Excellency Engineer Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, announced today the change of Qatar Petroleum's name to Qatar Energy. The company revealed its new identity and brand in a statement sent to its employees, making them the first to learn about the new change. The name change also included a new logo. The company updated its official name on Twitter to @qatar_energy instead of Qatar Petroleum.
In announcing this change, His Excellency stated: "In a major turning point in our history, we are pleased to announce that Qatar Petroleum has become Qatar Energy today. With a new brand and corporate identity, Qatar Energy will continue to provide the cleaner energy that the world needs and play its role as an active and essential partner in achieving the best solutions in the ongoing global transition to low-carbon energy."
He added that this follows a historic evolution that witnessed the transformation of Qatar Petroleum to the Qatar General Petroleum Corporation, then to Qatar Petroleum twenty years ago, and now to Qatar Energy. His Excellency Engineer Saad bin Sherida Al-Kaabi provided an overview of the historical milestones that led to this transformation, including the discovery of oil in 1938, the discovery of the world's largest non-associated gas field in 1971, and reaching global leadership in liquefied natural gas.
He highlighted the evolution of Qatar Petroleum over the past seven years, which included a major restructuring in 2014, the incorporation of affiliated marketing companies like Marketing and Products into Qatar Petroleum, and the execution of one of the largest mergers in the world in the gas industry that resulted in the largest company worldwide, Qatar Gas. This also included taking over the management and operation of major energy resources such as the Al Shaheen, Alada East, and Al Rayyan oil fields.
His Excellency said, "We are moving forward with our full strength to develop the North Field by building the latest liquefied natural gas production lines, which will advance our leadership position to a production capacity of 126 million tons per year by 2027. Not only that, but we are also making efforts to protect our environment by minimizing our carbon footprint, which is why we are using the latest advanced means in carbon capture and sequestration to isolate and store 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 ways. Natural gas is also part of the solution in the ongoing transition to low-carbon energy and will be essential for the sustainability of global development for at least a couple of decades."
His Excellency Engineer Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, Managing Director, and CEO of Qatar Energy, stated, "Our transition to Qatar Energy reflects our understanding of global changes and our response to the need to protect our planet and its environment. Thus, our liquefied natural gas projects will not only bring cleaner energy to our customers around the world but also strengthen our growing commitment to our central role in the global transition to low-carbon energy."
In a statement to reporters, His Excellency Engineer Al-Kaabi noted that Qatar Petroleum is a giant company that has done much in the energy sector, saying in this regard, "With the change that has occurred, we are now qualified to be a partner in the transition to clean energy, especially as we have a significant presence in the gas market. The new name fits our work in the future."
Regarding the expansion into solar energy projects, he added, "We are now expanding in this area and are currently building the largest solar power plant, which will be inaugurated next year."
He expressed his deep gratitude and appreciation to His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the State, for his wise guidance and continuous and unlimited support. He also thanked all past and present employees of the company for their dedication and tireless efforts that led to this moment, as well as the members of the executive team, partners, subsidiary companies, and joint ventures.
His Excellency emphasized that Qatar Energy enhances life in every corner of the world for a better tomorrow for all and that it is a partner in the transition to low-carbon energy.
