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New state-owned oil company set up in Qatar

Qatar on Wednesday approved laws setting up a new state-owned company to sell oil products, it announced.

The company is to be established and represented by Qatar Petroleum, and be wholly owned by the state of Qatar.

It will aim to market and sell petroleum products that fall under government regulation, state news agency QNA said.

The company will be set up under a draft law amending some provisions of a 2007 law regulating the marketing and sale of government products outside of Qatar.

It stipulates that the company will delegate Qatar Petroleum as a representative to market the products on its behalf.

The law was endorsed by the Qatari cabinet on Wednesday and has now been referred to the advisory council, according to QNA.

The cabinet’s weekly meeting also saw ministers approve plans to transfer the concession on some waste treatment lands outside Doha from Qatar Petroleum to the Ministry of Municipality and Environment.

And two Memoranda of Understanding (MoUs) have been signed with the UAE, QNA reported, including one aimed at increasing cooperation in sports and culture between the Qatar and the UAE’s General Authority of Youth & Sports Welfare, and one to boost tourism ties, between Qatar Tourism Authority and Abu Dhabi Tourism and Culture Authority.

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Posted on :12/9/2016