Following the new agreement between Infinite Mining & Energy and the Free Zone, a refinery with a capacity of 10,000 barrels per day will be established with the Hamriya Free Zone Authority in Sharjah. HFZA Director Saud Salim Al Mazrouei and Infinite Mining & Energy FZE Managing Director Bilal Merchant signed the agreement at HFZA headquarters in the presence of senior officials from both sides.

The India-based IME said it would double its investment in the free zone and set up plants with annual refining capacity of up to 3.6m barrels, as well as modern oil storage facilities with more than 20 loading tanks. Under the terms of the agreement, IME will lease a 200,000 square foot plot of land in the Free Zone to build its facilities. The expansion is expected to significantly increase the company's storage capacity to meet the growing demand for its services and products. With an ideal business environment and an excellent service and welfare system, HFZA continues to be an important industrial base for international companies in the sector. The IME's latest investment further underscores HFZA's success in attracting key players in the oil and energy industry.

Al Mazrouei noted that IME's new expansion plans demonstrate HFZA's leading reputation as a preferred investment destination for the heavy industry and petrochemical industries. Following the new agreement between Infinite Mining & Energy and the Free Zone, a refinery with a capacity of 10,000 barrels per day will be established with the Hamriya Free Zone Authority in Sharjah.

It also reinforces the attractiveness and importance of the HFZA in oil, energy and various other sectors, demonstrating our commitment to the vision and directives of His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, member of the Supreme Council and Ruler of Sharjah, which transform the Free zone into a role model, Demonstrating considerable return on investment and an ideal environment to build key projects, thus becoming an important contributor to the national economy, Al Mazrouei explained. Infinite's new facility will be an important addition to the Emirate's booming economic landscape through its production capacity to meet the demand for energy products and derivatives from existing and future industrial projects.

The company's selection of the Hamria Free Zone highlights the high global standards and favorable investment environment HFZA offers to investors in the energy and oil industries. Al Mazrouei said that as of today, the Free zone is home to more than 1,200 companies, including large international companies specializing in the field. They operate in a dedicated area for the petrochemical industry, which has a strategic location and is connected to a commercial port at a depth of 14 meters. This strategic positioning supports our investment company's import and export business, providing easy access to key markets. Together with our range of exceptional services, state-of-the-art infrastructure, world-class logistics services and facilities, we have grown to become the second largest petrochemical centre in the country.

Merchant noted that IME started operations in the Hamriya Free Zone in 2018 and our plan to build a multipurpose refinery is a testament to our strategic expansion to expand our presence in the regional and international markets. HFZA's strategic location aligns perfectly with our company's expertise in the petrochemical, metallurgical and energy sectors, allowing us to maintain direct interaction with leading local and global manufacturers.

He also highlighted the competitive advantages offered by free zones, accelerating the company's ability to reach a larger customer base in the most efficient, rapid and cost-effective way. Merchant concluded that upon completion, the new facility will contribute to the local employment landscape by creating more than 100 jobs for technicians and workers.Editor/XingWentao