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Qatar Fuel’s 2017 bunker sales up by 10 times

01 Mar 2018

Qatar-listed fuels marketing and distribution firm Qatar Fuel (WOQOD) posted a 9.2% rise in net profit for its 2017 financial year.

The company recorded net profit of 964 Million Riyals in 2017 compared to 883 Million Riyals in 2016.

Regarding developments in the bunkering sector, the company noted the start of a business arrangement with Qatar Petroleum in relation to “Ship to Ship” bunkering operations from bunkering facilities in Ras Laffan during 2017.

This resulted in bunker fuels sales increased by 10 times during the period, said Engineer A-Muhannadi.

Overall, sales of other fuels have increased by 6%; this included bitumen (275%), gas (12.2%) petroleum retail sales (26.1%), and non-petroleum retail sales (11%).

Moving on, he noted the company being engaged in an “ambitious plan” for increasing its stake of the market for distribution and transportation of petroleum products, gas, bitumen, bunker fuel, oils and lubricants.

“The Board has reviewed and endorsed the present and future plan and strategic priorities of the company for the period 2018-2022,” he says.

“The company has an ambitious plan for increasing its stake of the market for distribution and transportation of petroleum products, gas, bitumen, bunker fuel, oils and lubricants.”

Published: 1 March, 2018
 

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