DOHA: Qatar Petroleum (QP) has undergone rebranding and would now be known as QatarEnergy, according to a statement mailed to company employees by the corporate communications department.
In a video shared on social media, Minister of State for Energy and QatarEnergy President and CEO H E Saad Sherida Al Kaabi announced the change of the name along with the new slogan.
The entity’s new slogan is `Your Energy Transition Partner’. It now also has a new logo as part of the rebranding exercise. The official Twitter handle of the company was also changed to QatarEnergy @qatar_energy.
QP was earlier known as Qatar General Petroleum Corporation (QGPC).
Meanwhile, Reuters has reported QP said the move reflects what it said was a broader strategy and had no plans to sell assets to raise funds as other Gulf state producers have.
“We have plenty of cash,” Al Kaabi said on Monday, indicating the Qatari firm would not follow in the footsteps of Gulf rivals which have sold assets, such as Saudi Aramco and Abu Dhabi National Oil Company (ADNOC).
Al Kaabi said the new name better represented a broader strategy and included a focus on energy efficiency and environmentally-friendly technology such as capturing and storing carbon dioxide.
Qatar Energy, under the name Qatar Petroleum, had raised $12.5 billion through a bond issue in June. Al Kaabi said the cash was “sitting in accounts and not being used, to make sure that we have enough liquidity”.