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Hyundai Glovis signed a contract of affreightment with the government-run firm Qatar Primary Materials Co. to ship 50 million tons of aggregates to Qatar for the next five years, company officials said Monday.
The signing ceremony took place at the Hyundai Glovis headquarters in Seoul.
The contract stipulates that starting from January 2016, Hyundai Glovis will ship 10 million tons of aggregates per year to the ports and logistics areas of QPMC in Qatar for the next five years, which will be used to supply to the Qatari Public Works Authority.
It is believed that QPMC’s contract with Hyundai Glovis is a strategic move by the Qatari company to stabilize domestic prices of primary materials and keep up with its growing construction industry and projects lined up for Qatar National Vision 2030.
“QPMC is the trusted arm for supplying primary materials for all the infrastructure projects in Qatar,” said QPMC CEO Eisa Al Hammadi.
Hyundai Glovis CEO Kim Kyung-bae said he was pleased to sign the agreement and increase strategic partnership with QPMC.
“This in particular reflects QPMC’s satisfaction with Hyundai Glovis’ global and high standard vessels, shipping and logistic services,” Kim said.
By Sang Youn-joo (sangyj@heraldcorp.com)
