Qatar Primary Materials Company (QPMC) has signed a contract of afreighment (CoA) with Hyundai Glovis, one of the leading shipping and logistic services companies in the world, for shipping a bulk amount of 50 million tonnes of aggregates to Qatar over the next five years.

The agreement was signed by QPMC chief executive Eisa Al Hammadi and Hyundai Glovis CEO Kyung-Bae KIM at the company's headquarters in South Korea, Seoul.

The signed contract is tailor-made to ship the amount of 10 million tonnes of aggregates per year, with a total number of 806 voyage-series; equivalent to 161 voyages per year, with each vessel intended to carry 75,000 MT per voyage, whilst operating under the highest shipping services carried by Hyundai Glovis globally.

As per the signed agreement - effective from January 1 next year and valid until December 31, 2020 - the vessels loading the intended primary materials capacity will proceed from the port of Fujairah in UAE and Oman all the way to QPMC’s port and logistics area at Mesaeeid in southern Qatar.

As per the signed CoA, the supply of the entire bulk quantity of 50 million tonnes of aggregates will be allocated in commitment to QPMC’s framework of agreement with the Public Works Authority (Ashghal) according to which QPMC has signed to supply Ashghal with 92mn tonnes of gabbro and limestone .

In parallel, this particular CoA with Hyundai Glovis marks one of QPMC's strategic mechanisms in stabilizing the domestic prices of primary materials; while keeping up with Qatar's fast growing and thriving construction industry, said the Qatari firm in its statement.

The agreement is part of QPMC's strategic goal in meeting the sufficient amount of aggregates needed for the implementation of Qatar's large-scale infrastructure and construction projects in line with Qatar National Vision 2030, it added.

Al Hammadi said: "The agreement comes to complement QPMC's series of successes, in providing strategic supply of aggregates and securing the sufficient demands of primary materials needed in the Qatari market and across the thriving construction industry in the country."

"QPMC, is part of the catalysts working together to place Qatar on the world's industrial and construction map, as the company plays a significant and an instrumental role in supporting the public and private sector sectors servicing Qatar," he added.

Kyung-Bae Kim said the agreement reflects QPMC's satisfaction in Hyundai Glovis' global and high standard vessels, shipping and logistic services.-TradeArabia News Service