(MENAFN- The Peninsula) The Peninsula
Qatar Fuel (WOQOD) yesterday unveiled plans to purchase two new ships in support of the operation of its subsidiary, WOQOD Marine Services.
The company has already made budgetary proposals for several developmental and expansionary projects which have received board's approval, including the plan to acquire the new vessels in the financial year 2018.
The company is determined to effectively participate in petroleum products distribution, storage and marketing infrastructure projects in collaboration with the concerned parties. The budget also includes expenditure items for maintenance, asset integrity, health, safety and environment.
Saad Rashid Al Muhannadi, Qatar Fuel's Chief Executive Officer yesterday announced that WOQOD Board of Directors , chaired by Ahmad Saif Al Sulaiti, held its 6th meeting of the year 2017 at the company's head office West Bay.
The Board reviewed and approved company annual budget for the year 2018.
Al Muhannadi stated that, the budget included the anticipated key performance indicators for WOQOD Group in relation to the distribution and marketing of Petroleum Products and gas, as well as other activities of WOQOD and subsidiary companies during the year 2018, along with the pertinent operational costs and expenses.
Al Muhannadi pointed out that the capital expenditure budget has allocated QR816m for spending on new projects to be established during the year 2018. He further elaborated that the fuel stations owned and operated by the company are currently 58, and the number is expected to rise to 59 stations by the end of the current year 2017.
He added that WOQOD plans to complete and operate 15 additional stations in 2018 along with another 15 mobile stations to eliminate traffic congestions at petrel stations. Furthermore, he maintained that tenders for construction of another 18 petrol stations will be awarded during the first quarter of year 2018, and that the company is planning to have up to 122 stations in place by the year 2022.
With regard to Vehicle Technical Inspection Centres Al Muhannadi said that, there are 6 centers currently in operation, to which Al Shahaniya Center will be added in the beginning of the year 2018 and the tender for the construction of Al Mazrooua Center will be issued within the 1st quarter of the year 2018, and hence the number of the Centres will rise to 8 Centres.
He also announced that the Board has approved the current and future business plan and company strategic priorities during the period 2018-2022, where the company has an ambitious plan for increasing its share in the market for distribution and transportation of petroleum products, gas, bitumen, bunker fuel, oils and lubricants through the construction and operation of the various projects required for these activities, together with the supporting Quality Management Systems, state -of- the- art IT systems and the highest health and safety standards, and environmental preservation measures.
The company intends to increase its stake in non-petroleum activities provided for by its Articles of Association by 15 percent per annum until the year 2022, in addition to increasing the number of CNG stations to meet the requirement the comprehensive government plan up to the year 2022.
Al Muhannadi further emphasised that the company intends to carry on with its ambitious plan during the year 2018 to achieve the best returns for its shareholders through the performance of its activities and implementation of its projects, supported by a structured plan for cost optimization, through a studied mechanism for achieving efficiency in the company operations, and provision of the necessary support to the plan through the introduction of accounting and other technically specialised policies and procedures.
Al Muhannadi expressed his thanks and appreciation to all concerned parties for the support they have extended to WOQOD in its realization of its promising projects designed for the common good of the country, the citizens and shareholders. He particularly expressed his thanks and appreciation to Ministry of Interior, Ministry of Municipality and Environment and Qatar Petroleum.
MENAFN2412201700630000ID1096269899
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.