Qatar Fuel (WOQOD) will invest QAR 634 million (USD 173.7 million) to expand its operations in Qatar, focusing on opening more fuel retail outlets.
“We have almost 30 petrol stations that we are currently building across the country. And those are not just plans, but signed contracts and commitments between WOQOD and a third party,” said Chief Executive Officer Saad Rashid Al Muhannadi.
The company has already opened two new petrol stations in the first quarter, thus increasing its current network of service stations to 60. WOQOD has announced a target of doubling the number of its service stations by 2020.
Meanwhile, Al Muhannadi said that WOQOD will make further announcements soon about its planned lube blending plant, which will be built in collaboration with other companies. ”We have a solid plan, and very soon we will announce about it.” In early 2015, the company announced plans to build a lube blending plant in Mesaieed Industrial City.
WOQOD already supplies a wide range of lubricants under different brand names, sourcing products from neighboring Gulf countries.
“The company has an ambitious plan for increasing its market stake for the distribution and transportation of petroleum products, natural gas, bitumen, ship bunker fuel, and other products,” said WOQOD Chairman Ahmad Saif Al Sulaiti.
WOQOD posted a net profit of QAR 964 million (USD 264.2 million) for the year ending December 31, 2017, up 9.2% from the same period a year ago.