(MENAFN- The Peninsula) The Peninsula
DOHA: Qatar Industrial Manufacturing Company (QIMC) has signed a memorandum of understanding (MoU) ) with the US firm Stewart Engineers (SE), in the presence of H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani, Minister of Economy and Commerce.
QIMC Chief Executive Officer Abdul Rahman Al Ansari (pictured) and Stewart Engineers Chief Executive Andrew Stewart signed the document on behalf of the respective companies, according to a regulatory filing by QIMC to the Qatar Stock Exchange yesterday.
The signing ceremony took place as a part of the ongoing visit of official Qatari Business delegation to US to promote business cooperation between the two countries.
The MoU aims at evaluating the project from technical and economic aspects and eventually preparing the detailed engineering design for its implementation, if it is proven to be feasible.
The project will produce float glass sheets which are used in various applications such as buildings, automobile industry, solar energy panels etc. Currently, Qatar is importing all of its glass sheets requirement from other countries.
The project is important to Qatar and will serve its strategic plans by developing and diversifying its national economy. It will provide necessary products for the construction industry and will create downstream business opportunities. Part of its production will be exported as well. Also, it will create jobs for nearly 250 employees thus, supporting the national economy.
The preliminary considered design capacity for the project is 600 tonnes per day and the estimated investment is around QR700m. Total area required for the project is about 150,000 sq. metres out of which 50,000 sq. metres is the covered area.
Qatar, being a major world producer of natural gas with all the government provided incentives and support, is the best suitable country for the project as the project will consume a considerable quantity of Natural gas for melting of its raw materials like local sand.
QIMC and SE will embark on the following months on conducting a technical and economic feasibility study for the project based on SE's advanced technology and QIMC's operational and marketing experience which has proven its success in the past years.
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