Qatar Fuel (Woqod) has allocated QR816 million ($224 million) for spending in 2018 on new development activities including the setting up of new petrol stations and projects aimed at boosting the non-oil sector.

Woqod's capital expenditure budget was unveiled by CEO Saad Rashid Al Muhannadi at the Wodoq board of directors meeting held to day in Doha under the chairmanship of Ahmad Saif Al Sulaiti.

The budget included the anticipated key performance indicators for Wodoq Group in relation to the distribution and marketing of petroleum products and gas, as well as other activities of Wodoq and subsidiary companies during 2018, along with the pertinent operational costs and expenses.

Al Muhannadi said the company had an ambitious plan to increase its share in the market for distribution and transportation of petroleum products, gas, bitumen, bunker fuel, oils and lubricants through the construction and operation of the various projects required for these activities, together with the supporting quality management systems, state-of-the-art IT systems and the highest health and safety standards, and environmental preservation measures.

Woqod will start floating tenders for construction of another 18 petrol stations in the first quarter of 2018,. The plan is to increase the number of fuel stations to 122 in the next five years.

Al Muhannadi said the budget proposal included the purchase of two new ships in support of the operation of its subsidiary Woqod Marine Services.

Moreover, the company is determined to effectively participate in petroleum products distribution, storage and marketing infrastructure projects in collaboration with the concerned parties. The budget also includes expenditure items for maintenance, asset integrity, health, safety and environment, he added.-TradeArabia News Service