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QPI will be granted customs and tax concessions, including exemption from income tax on export revenues for the first 10 years.
QPI was established in 2006 as a wholly-owned subsidiary of Qatar Petroleum (QP).
The area where we are lacking, which will make QPI a genuine company, is the upstream.
QP is transferring its overseas assets to QPI (see the background in omt11QatrExprtSep10-07).
The transaction is in line with QPI's plan to develop its foreign presence, particularly in Africa, said Qatari energy and industry minister and QPI chairman Mohammed Bin Saleh Al Sada.
Jaidah said QPI was being careful not to purchase at the top of the economic cycle, adding: "At the moment the multiples are high, especially in the upstream sector, but there may be opportunities in the downstream sector".
PICTURE: QREC chairman HE Sheikh Mohammed bin Faleh al-Thani (centre) shakes hands with QPI CEO Nasser Khalil al-Jaidah after signing the sponsorship agreement at the W Hotel Doha yesterday.
Nasser Al Jaidah, CEO of QPI and Wael Sawan, Managing Director and Chairman of Qatar Shell Companies signed the documents.
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