Managing Expenditures with Suppliers
Introduction
Qatargas began its operations in 1984, and it pioneers the Liquefied and gas (LNG) industry in Qatar (Qatargas, 2015). Currently, the company is the largest liquefied natural gas producer in the world and has an annual liquefied natural gas production capacity of 42 million tons per year. Qatargas aims to deliver liquefied natural gas to its customers globally, from its excellent facilities in Qatar (Qatar, 2015).The company’s vision is to be a premier Liquefied Natural Gas (LNG) company in the world. The company also hopes to be known for; its people, corporate citizenship, innovation, and its operating excellence. Qatargas Company sets the standards for financial performance, customer satisfaction, efficient and reliable operations, and safety and health performance. The company also has a mission to safely, reliably, and efficiently operate and manage all of its resources, which include reserves, people, facilities and the environment (Qatargas, 2015).The success that the company has enjoyed can be attributed to a number of management strategies that the company has employed over time. For instance, the company has practiced an admirable human resource culture. Human resource involves the treatment of individuals working in the company. A strong company is known by the way it treats the employees.
Since they are the main ambassadors of the company, they should be given incentives and benefits that will motivate them to stay and work hard. This is a concept that QatarGas has understood and taken under advisement. As it is easily observable, the workforce in the company is one of the pillars of the company’s strong standing. Also, the company has a long standing history of visionary leadership and innovation. This has been imperative especially in this era where the oil industry is marred with a myriad of challenges which include, but not limited to tremendous falling of oil prices, as well as unrest in most oil producing countries. The price falls came about as a result of the economic turmoil in most parts of the world. The unrest on the other hand was mainly as a result of the Arab spring. This spring was characterized by uprisings in countries such as Egypt, Libya and Yemen among others.
This unrest caused further disturbances in oil producing countries hence destabilizing the demand and supply flow. It is hence impressive that QatarGas has managed to stay resilient through this tough time, and continues to show exemplary success. A review of the size, scope, and extent of completion of the Qatargas pumps supply marketQuatargas acquires its pumps from several suppliers like the Cornell supplier. The estimate of the pumps revenues in 2009 for the oil and gas was slightly more than $6 billion. The oil and gas sector expects a growth variation with Europe and North America expected to grow at a slower pace than South America and Asia (Donoho, Ravi & Frost & Sullivan, 2015). Qatargas receives high efficient pumps with efficiencies above 87 percent. The industry receives supplies of clear liquid …
