Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Hazel International FZE (HIF), owned by Indian conglomerate Veritas (India) Limited (VIL), has begun construction of a US$ 126.45 million (AED 464.5m) liquid and solid cargo handling terminal at Sharjah’s Hamriyah Free Zone. The new terminal is expected to make the free zone the second largest hub for petrochemicals, oil and gas bunkering and storage in the UAE.
The new 30,000 square meter cargo terminal will have the capacity to store a wide variety of commodities including chemicals, petrochemicals, base oils, bitumen, vegetable oil, gases, liquified gases, ethanol, bio-fuels and edible oils. In addition to offering fully integrated drumming and re-packaging services, the new terminal will also have a petrochemical processing plant for distillation, extraction, hydrogenation and fractionation.
Tata Consulting Engineers (TCE) and Capital Engineering & Consultancy have been appointed as consultants for the construction of the handling and processing facility, while Tata Projects Limited has been appointed as the contractor. The construction includes four jetty-terminal pipelines and 30 storage tanks with a total capacity of 180,000 cubic meters.
The owner of the group Veritas (India) Limited (VIL), is listed on the Bombay Stock Exchange (BSE); and has diversified business interests in chemicals, petrochemicals, solvent, rubber and rubber products, with a focus on India, Middle East, Africa and other global markets.
Hamriyah Free Zone houses 5,700 companies from across 155 nations, with foreign investment from more than 500 industries in the key sectors of oil and gas, petrochemicals, maritime, steel, construction, and food.
Sharjah plays an important role as the pre-eminent industrial base of the United Arab Emirates (UAE), strategically located between three continents and serving a growing market of 1.5 billion people.
Source: HIF & HFZA
