BAKU, Azerbaijan, Dec. 24
By Leman Zeynalova – Trend:
Qatar Petroleum has announced that starting February 2020, pricing for the crude oil grades of Qatar Marine and Qatar Land, marketed and sold by Qatar Petroleum for Sale of Petroleum Products Company Ltd. (“QPSPP”), will be changed from a retroactive pricing basis to a prospective pricing basis, Trend reports citing the company.
As a result, the new Qatar Marine and Qatar Land crude pricing methodology will be based on the averages of readily available and transparent regional crude oil pricing benchmarks, reads the message.
The change to the pricing methodology will improve the overall competitiveness of Qatar Marine and Qatar Land, and allow existing and new customers to better align and compare the Qatari crude grades with other crude grades, according to Qatar Petroleum.
The principal activities of Qatar Petroleum and its subsidiaries and joint ventures cover exploration, drilling and production operations, transport, storage, marketing and sale of crude oil, natural gas liquids, liquefied natural gas, gas-to-liquids, refined products, petrochemicals and fertilizers, and helicopter and financial services.
QP’s oil and gas fields fall into three categories - the North Gas Field, onshore oil, and offshore oil. Crude Oil is produced from various on-shore and off-shore oilfields in Qatar and marketed by QPSPP under Ministerial Directive of the Minister of Energy and Industry dated 8 October 2017.
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