Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Radiant Group, an Indian petrochemicals firm, is to build a 60,000 metric tonne capacity oil distillation plant in Hamriyah Free Zone, at a cost of US$10 million (AED 36.5m). Radiant has leased 107,639 square foot of land in Phase Two of Hamriyah Free Zone and expects the new facility to be completed by mid-2017.
Based in the Indian state of Maharashtra, the US$21 million Radiant Group manufactures alternate petroleum products and refines waste lubricating oil. The group’s new Hamriyah facility, which will fall under its subsidiary Radiant Overseas, will recycle base oils of various grades and has plans to produce solvents for use in the paint and agro- industries.
Sharjah’s Hamriyah Free Zone has established itself as a regional hub for petrochemicals, oil and gas bunkering and storage attracting ongoing foreign investment. Some 200 petroleum and petrochemical companies are registered at the free zone. India’s Hazel International FZE (HIF) began construction of a US$ 126.45 million (AED 464.5m) liquid and solid cargo handling terminal incorporating the region’s first distillation, hydrogenation and fractionation facility at Hamriyah Free Zone in 2014.
Meanwhile, last year saw the opening of Gulf Petrochem Group’s new 203,888 cubic metre liquid storage terminal at Hamriyah Free Zone, able to store all classes of petroleum products such as fuel oil, gas oil, base oil, bitumen and naptha. ATS, a UAE-based logistics company catering to the global shipping and marine industries, also recently doubled the capacity of its liquid storage terminal to 42,000 cubic metres.
Beginning this year, Dana Gas began pumping natural gas 25 kilometres from Sharjah’s new Zora offshore gas field to a gas processing plant at Hamriyah Free Zone and then directly to SEWA’s Hamriyah power station.
Source: Radiant, HFZA
