Qatar Petroleum (QP) has announced that its ‘well-planned restructuring’ has been completed and has no plans to extend the ‘right sizing’ process.
“We have ‘right-sized’ our organisation to be more dynamic and efficient and it’s complete as per our original plans. There are no plans for a further restructuring, at least at this point of time,” Saad Sherida Al Kaabi, (pictured) President and Chief Executive Officer, QP, told a press conference at QP headquarters yesterday.
However, QP’s subsidiaries are reviewing their requirements, he said later in reply to a question.
“We regret that QP had to end the contracts of some employees, and not to renew some during implementation of the reorganisation programme, which included integration of Qatar Petroleum International (QPI) into QP.
Releases in respectful way
“Contrary to local media reports, the release (of employees) was conducted in a very respectful way as per their contracts, and it was made sure it came at a time that did not affect their children’s education,” Al Kaabi said.
He declined to reveal the size of staff cuts or the current number of employees, but stressed that no Qataris had been ‘released’ as part of ‘right-sizing”.
“I am ready to take any questions, but not the number of employees whose contracts were not renewed. It will hurt sentiments, which I do not want to”
It is normal for leading companies to frequently reorganise to meet the requirements of the ever-changing competitive environment and deliver on their new strategic objectives, which is what QP did, he said.
But it has not released any Qataris as part of the restructuring, he added.
Control over cost and expenditure
“We are in a period of oversupply in the industry, and we need to be very efficient as an organisation. While we have no control over markets and prices, we do have control over our cost and expenditure.”
QP is proud of its expatriate staff that are a big part of its success. It has employees from 84 countries, Al Kaabi said.
He expressed pride over QP’s human capital, their hard work, and commitment. QP did everything within its capacity to help the employees whose contracts were not renewed, when they were going through a difficult period, including efforts to find them alternative jobs.
Al Kaabi said it will take time to assess how much restructuring is going to reflect on QP’s operational costs. QP is true to its vision.
A world class oil and gas corporation with its roots in Qatar and a strong international presence. QP, which develops and operates oil and gas fields, a refinery and industrial complexes, will exit non-core areas such as insurance, catering and service companies.
Source : The Peninsula article by Satish Kanady