Published On: Fri, Dec 18th, 2015

Woqod Estimates QR1028 Million for 2016 Budget

78b13bf2-1352-4009-bf69-2b5c2d582eedWOQOD Board of Directors, Chaired by Sheikh Saoud Bin Abdulrahman Al-Thani, the Chairman of the Board of Directors, held its ordinary meeting on the evening of Wednesday 16 December 2015, at WOQOD Tower, Al-Dafna, to discuss 2016 Budget.

The Chief Executive Officer, Eng. Ibrahim Jaham Al-Kuwari stated that the Board discussed the 2016 Budget which include OPEX & CAPEX and approved it. Total Expenditure for capital projects which WOQOD is committed for the next year was estimated at QR1028 million approximately.

The Budget has focused on accelerating the construction process of Petrol Stations. The expected number of new Fuel Stations in 2016 will be around 15 to 18, in addition to new expansions for existing stations, new Sidra Store and 5 FAHES Centers including Al-Mazrua’a project for Vehicle inspection. Al-Mazrua’a main center will replace the industrial HQ which will be closed as inspection center and renovated as commercial offices.

The Board also discussed other projects such as new storage for Bitumen, LPG and CNG business and gave his directives.

The Board also perused the amendments to be entered in to the Articles of associations to cope with the current activities of the company and the new company’s law no. 11 for the year 2015 as follows; Amendment of Article 9.1 by the deletion of the minimum share ownership previously determined to be not less than 100 Shares, increase the annual Board meetings from four (4) to six (6) meetings, addition of the Sidra Convenience Store business to the objects of the Company and the addition of the car services and external media announcements from the Gas Stations.

The Board decided that the meeting of the Ordinary and Extra Ordinary General Assembly will be held on 6 March 2016, and the first reserve meeting on 06 April 2016 and third reserve meetings on 06 June 2016.

Source: Qatar news agency

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