WOQOD to Commission Bitumen Plant in September
August 16, 2007
Qatar Fuel (WOQOD) the sole fuel distributor in Qatar would commission its QR 15m bitumen plant at Mesaieed in the beginning of next month, a senior Company official said yesterday.
Mohammed Turki Al-Sobai, Vice-Chairman and Managing Director of WOQOD told a news conference yesterday that currently the bitumen plant was undergoing tests to fix some technical glitch.
He said that WOQOD has signed an agreement with a specialized company to ensure the quality standards of the facilities.
Qatar will require some 750,000 tonnes of bitumen over the next five years in view of the massive investments that the government has made to upgrade the Country’s road network and building several new highways.
Al-Sobai said that WOQOD would continue to import bitumen from Bahrain despite losses to contribute to the development that Qatar is witnessing, adding that a plan is in place to import the product from Iran as well if there is a need.
He added that a delegation from WOQOD has visited China in June this year to inspect a vessel it has purchased. The Company is expected to take delivery of the ship which will be used for the transport of bitumen imports into the Country by the end of October this year.
WOQOD has several projects either underway or near completion, including opening petrol stations outside Qatar in the next five years and expanding its filling stations locally.
The Company is expected to commission its petroleum gas (LPG) processing and filling plant project worth QR 175m in April next year. Its QR 205m ship-to-ship fuel bunkering project in Ras Laffan is also expected to be commissioned next month.
The six-year long project (2006-2012) which is being undertaken in phases involves the operation of nine jetties at Ras Laffan Port. The first phase covers the first three jetties.
The Company’s QR 55m project for the expansion of the Doha Depot and building new storages is almost complete and is slated for commission also next month, while three new gantries are currently under construction.
Meanwhile, WOQOD has posted 35 per cent increase in net profit to QR 260.12m in the first half of this year, while its gross profit grew 60 per cent to QR 339.97m.
The Company’s sales income was up 30 per cent to QR 2.08bn, while its cost of sales grew up by 25 per cent to QR 1.74bn as of June 30, 2007 as compared to QR 1.38bn in the corresponding period last year.