Qatar Petroleum (QP) will launch a new localization program for services and industries in the energy sector in February.
QP said that the program, named TAWTEEN, was an initiative to enhance localizing the sector’s supply chain and expand the small and medium enterprises base.
The program will be launched on February 18 with the participation of official bodies and entities, energy sector companies, and a wide spectrum of service providers and supporting industries.
TAWTEEN also aims at creating around 100 new investment opportunities within the energy sector to retain economic value within Qatar, which in turn is expected to add QAR 8 billion ($2.2 billion) of import substitutes annually and is also expected create more than 5,000 new white-collar jobs.
“[…] it will provide valuable business opportunities for local and international entrepreneurs in Qatar, or those planning to set up business in Qatar, by providing technical support as part of TAWTEEN supplier development programs, and create an environment to participate in the sector’s supply chain and generate high-quality job opportunities,” QP said.
One of TAWTEEN’s most important aspects will be introducing In-country Value (ICV) policy, which is designed to reward suppliers and contractors who execute their contracts and agreements by maximizing local content.
Saad Sherida Al-Kaabi, President and CEO of QP, said: “TAWTEEN is a realization of the vision and directives of His Highness the Amir, which have outlined the road map towards economic diversification and self-reliance.
“It constitutes a further step in creating opportunities and promoting the establishment of various industries within Qatar as part of the State’s economic diversification strategies.
“This program aims primarily at helping develop the private sector, particularly small and medium-sized enterprises, which play an important role in Qatar’s economic development in terms of production, employment generation, and contribution to manufacturing, exports, and GDP.”
Qatar Petroleum added that it was working with various government authorities and stakeholders to facilitate the provision of the required infrastructure and for the creation of appropriate policies, regulations and incentives to attract local and international companies to establish operations in Qatar.
It is also coordinating with other stakeholders to help facilitate the development of new industries in the energy sector in order to ensure they acquire the capacity for greater competitiveness and financial sustainability.
In recent company news, QP announced it acquired a 35% participating interest in Eni’s three offshore oil fields in Mexico as well as a 10 percent stake in three offshore exploration blocks in the Angoche and Zambezi basins in the Republic of Mozambique from ExxonMobil. Both acquisitions were made in December 2018.