Doha: Qatar Fuel’s (WOQOD) Extraordinary General Assembly (EGM) agreed Sunday to raise the non-Qatari ownership to 49 percent of the company share capital and to raise the limits of ownership to the one shareholder to 1 percent.

CEO of the company Engineer Saad Rashid Al Muhannadi indicated that this amendment came in order to give effect to the instructions of Qatar Petroleum to its listed affiliate companies, and also to address the request of Qatar Stock Exchange to undertake the said amendments with the purpose of enhancing the investment attractiveness of Qatari companies, after classification of the State of Qatar was raised by MSCI and a number of international indexing agencies to the level of emerging markets, thus becoming the largest emerging market in the region.

Al Muhannadi is this same respect pointed out that WOQOD is currently investing an amount of QR 634 millions in this year for adding new stations and additional dispensers in some new stations to achieve the highest level of optimization as well as to prevent or at least to decrease the cars queue in the stations occasioned by the close out of many private petrol stations. He also said that the company was building many retail petrol stations in remote locations within the territory of the State of Qatar although the economics of such stations is very weak and fragile, explaining that the company is building such low revenue deriving stations in the discharge of its legal responsibility and its obligation towards the State and the Society in the exercise of its Public Services’ Function. (QNA)