(MENAFN- Gulf Times) Eisa al-Hammadi and Kyung-Bae Kim with QPMC and Hyundai Glovis' executives at the agreement signing ceremony held in Seoul.
Qatar Primary Materials Company (QPMC) has signed a Contract of Afreightment (CoA) with Hyundai Glovis, under which nearly 50mn tonnes of aggregates will be shipped to Qatar over the next five years.
The agreement was signed at an event held at Hyundai Glovis' headquarters in Seoul, South Korea, yesterday.
The CoA was signed by QPMC chief executive officer, Eisa al-Hammadi, and Hyundai Glovis' CEO Kyung-Bae Kim.
The contract facilitates the shipment of 10mn tonnes of aggregates a year in as many as 806 voyages in five years. This means there will be some 161 voyages a year. Each vessel will be carry 75,000 tonnes per voyage.
As per the signed agreement, which covers the period from January 1, 2016, to December 31, 2020, the vessels laden with intended primary materials capacity will proceed from the Port of Fujairah in the UAE and from Oman, all the way to QPMC's port and logistics area in Mesaieed.
The agreement facilitates the supply of the entire bulk quantity of 50mn tonnes of aggregates in line with QPMC's framework agreement with the Public Works Authority (Ashghal). QPMC has agreed to supply Ashghal with 92mn tonnes of gabbro and limestone.
QPMC said the CoA with Hyundai Glovis will help it stabilise the domestic prices of primary materials; while keeping up with Qatar's fast growing and thriving construction industry.
Al-Hammadi, said: "The agreement complements QPMC's series of successes, in providing strategic supply of aggregates and meeting the sufficient demand for primary materials in the Qatari market and across the thriving construction industry in Qatar; thus contributing to achieving QPMC's core objective in stabilising the prices of aggregates in Qatar and working in liaison to achieve the Qatar National Vision 2030".
"QPMC is the trusted arm for the supply of primary materials to infrastructure projects in Qatar. The company is committed to providing maximum transparency, efficiency and reliability for its deals and business with suppliers and customers paying ultimate respect and tribute to Qatar's Construction Specifications (QCS2014).
Kim said, "We are pleased to sign this agreement with QPMC, which has truly succeeded in becoming the catalyst in supplying the primary materials in the region."
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