QatarEnergy’s INOC paradox

The state-owned LNG heavyweight is adamant that it is a purely commercial enterprise, but the evidence is conflicting

The term INOC—for international national oil company—has somewhat fallen out of fashion in recent years. Interestingly, Saad al-Kaabi, CEO of QatarEnergy, did not try to revive it when he addressed the Energy Intelligence Forum in October. Instead, he claimed that his firm should simply be considered an IOC. But even a cursory glance at Kaabi himself must raise immediate questions about his claims of QatarEnergy being divorced from political influence. For one thing, as well as wearing his CEO hat, he is also Qatar’s minister for energy. His recent travel schedule—as publicised not by the ministry, but by QatarEnergy—also appears to conflict with his narrative. “The characterisation of NOC i