Sharjah24: Al Hamriyah Free Zone Authority (HFZA) has cemented its leading position and appeal for investment in the oil and energy sector following a deal with an Indian company Infinite Mining & Energy.
Infinite announced that is going to double its investment in the free zone and establish a multifunctional oil refinery. The new facility will have a daily production capacity of 10,000 barrels and an annual refining capability of up to 3.6 million barrels.
Saud Salim Al Mazrouei, Director of the HFZA; and Bilal Merchant, Managing Director of Infinite Mining & Energy FZE; signed an agreement at HFZA headquarters in the presence of senior officials from both sides.
Under the agreement, Infinite will lease a 200,000 sqft plot of land in the free zone to build its facilities. This expansion is expected to significantly increase the company's storage capacity, catering to the growing demand for its services and products.
The Infinite’s strategic decision to expand in the free zone comes as no surprise. HFZA is known for providing integrated solutions for exploration, production, and refining projects.
Moreover, the free zone serves as a prosperous hub for regional and international companies specializing in the oil industry.
With an ideal business environment and a system of exceptional services and benefits, HFZA continues to stand as a prominent industrial base for international companies in the sector. This latest investment by Infinite further underscores HFZA’s success in attracting key players in the oil and energy industries.
Leading position
Speaking on the occasion, Saud Salim Al Mazrouei said Infinite’s new expansion plans demonstrates HFZA’s leading reputation as a preferred investment destination for heavy industries and the petrochemical sector.
“This also reinforces HFZA’s appeal and significance in the oil, energy, and various other sectors, a testament to our commitment to the visions and directives of His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, which have transformed the free zone into a role model, showcasing a strong return on investment and an ideal environment for establishing key projects, thereby becoming a vital contributor to the national economy," he said.
Al Mazrouei added, "Infinite’s new facility will be a significant addition to the emirate's burgeoning economic landscape through its production volume, which caters to the demand for energy products and derivatives for both existing and future industrial projects."
Elaborating further on the strategic decision of Infinite Mining & Energy, Al Mazrouei said the company's choice of Hamriya Free Zone to establish a multifunctional oil refinery underscores the high global standards and the favorable investment climate HFZA offers to investors in the energy and oil sectors.
“As of today, the free zone houses over 1,200 companies, including major international corporations specializing in this sector. They operate within a dedicated area for petrochemical industries, which boasts a strategic location and is connected to a commercial port with a depth of 14 meters."
"This strategic positioning supports import and export operations for our investing companies, offering easy access to major markets. Coupled with our range of distinguished services, state-of-the-art infrastructure, world-class logistics services, and facilities, we have grown to become the second-largest petrochemical center in the country," Al Mazrouei added.
Competitive advantages
For his part, Bilal Merchant said Infinite began operations in the Hamriya Free Zone in 2018, and our plans to set up a multifunctional oil refinery, alongside a modern oil storage facility equipped with over 20 loading slots, is a testament to our strategic expansion to broaden our reach in both regional and international markets.
“HFZA’s strategic geographical location aligns perfectly with our company's specialties in the petrochemical, metallurgy, and energy sectors, enabling us to maintain direct interactions with leading manufacturers both locally and globally."
He also highlighted the competitive advantages offered by the free zone accelerate our ability to reach a larger customer base in the most efficient, speedy, and cost-effective manner.
Merchant pointed out the societal benefits of the expansion, noting, "Upon completion, the new facility is set to create over 100 job opportunities for technicians and workers, thereby contributing to the local employment landscape."
The Hamriya Free Zone stands as one of the largest free zones in the UAE, offering both commercial and industrial plots of land. Its advanced infrastructure and modern facilities significantly support the external expansion plans of investors, particularly in terms of importing and re-exporting to global markets.
HFZA also provides a host of competitive advantages, the most notable being a single-window operation system that bolsters performance efficiency and simplifies business procedures.
Additionally, it offers a myriad of tax exemptions, full freedom to repatriate capital and profits, complete ownership of businesses, and swift connectivity to regional and international markets.
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