Qatar Petroleum signs 2.47 bln USD deals to localize energy sector

15:37 | 20/02/2019 Energy

Qatar Petroleum (QP) company on Monday said it signed agreements with three global giants worth 2.47 billion U.S. dollars as part of a plan to localize its energy sector.

Qatar Petroleum kicks off energy sector industries localization program

The plan shows the importance that Qatar attaches to the localization of the energy sector, and is expected to add an investment of 15 billion Qatari riyals (4.12 billion dollars) in local economy, said a statement by QP.

QP signed the contracts with Baker Hughes, Schlumberger, which recently celebrated 70 years of presence in Qatar, and McDermott, for oil services.

QP has an ambitious plan to increase its production output from 4.8 million to 6.5 million barrels per year, and raise Qatar's liquefied natural gas production from 77 to 110 million tons per year by 2024.

Theo Xinhua