Posted on December 21, 2017

Engineer Saad Rashid Al Muhannadi, Qatar Fuel Chief Executive Officer announced that WOQOD Board of Directors duly chaired by Mr. Ahmad Saif Al Sulaiti, held its 6th meeting of the year 2017 at 01:30pm on Wednesday 20/12/2017 at WOQOD Head Office in WOQOD Tower – West Bay. The Board reviewed and approved company annual budget for the year 2018.

Mr. 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.

Mr. Al Muhannadi pointed out that the capital expenditure budget has allocated (816) Million Qatari Riyals for spending on new projects to be established during the year 2018. He further elaborated that the Petrol Stations owned and operated by the company are currently 58 stations 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 Centers Mr. Al Muhannadi stated 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 Centers will rise to 8 Centers.

Mr. Al Muhannadi further pointed out that WOQOD budget proposal included the purchase of two (2) new ships in support of the operation of its subsidiary WOQOD Marine Services.Moreover,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.

Mr. Al Muhannadi 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% 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.

Mr. Al Muhannadi further emphasized 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 specialized policies and procedures.

Finally, Mr. 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.