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QPMC signs 5 year aggregate agreement with Hyundai Glovis

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World Cement,

On 4 October, Qatar Primary Materials Company (QPMC) signed a Contract of Afreighment (CoA) with Hyundai Glovis, aimed at shipping a bulk amount of 50 million t of aggregates to Qatar over the next 5 years. The signed contract is tailor made to ship 10 million tpy, operating under the highest shipping services carried by Hyundai Glovis globally.

The agreement starts from 1 January 2016 and runs until 31 December 2020. As per the signed CoA, the supply of the entire bulk quantity of 50 million tons of aggregates will be allocated in commitment to QPMC’s framework of agreement with the Public Works Authority (Ashghal) according to which QPMC has agreed to supply Ashghal with 92 million t of gabbro and limestone.

The CoA also marks one of QPMC’s strategic mechanisms – to stabilise the domestic prices of primary materials and keep up with Qatar’s fast growing construction industry.

QPMC CEO, Engineer Eisa 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 Qatar; thus contributing to achieving QPMC's core objective in stabilising the prices of aggregates in Qatar and working in liaison to achieve Qatar national Vision 2030 ”.

Mr. Kyung-Bae KIM, HYUNDAI GLOVIS CEO, added: "Hyundai Glovis takes great pride in our significant partnership with QPMC. This is an unprecedented (CoA) for both of us and we are delighted to have been able to increase our strategic partnership with QPMC over the years. This (CoA) in particular reflects QPMC's satisfaction in Hyundai Glovis' global and high standard vessels, shipping and logistic services ."

Edited from source by  Source: QPMC

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