Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Sharafco Group, a diversified petrochemicals group, has opened a new 80,000 cubic metre (cbm) oil storage terminal at Sharjah’s Hamriyah Free Zone. The new facility falls under Hamriyah-based Sharafco Petroleum FZE, a leading UAE supplier, marketer and manufacturer of petroleum and fuel products, which aims to lease out the tanks to global petrochemical traders.
The US$100 million (AED 3.65b) storage terminal covers an area of 15,000 square meters (161,500 sq. ft.) and has 16 storage tanks with the capacity to store a range of combustible Class II Products. Its location in Hamriyah Free Zone gives the new facility easy access to Hamriyah’s deep water port and Sharjah’s road network. The storage terminal is equipped with powerful pumps and separate pipelines to the harbor berths and bunkering pits.
Petrochemical transport and logistics companies have announced plans to create more than 400,000 cbm. of new liquid storage terminal capacity at Hamriyah Free Zone over the past two years. Hamriyah’s 14 meter deep water port and 7 meter deep inner harbor, plus its strategic location in the region, has made its free zone popular with petrochemical traders.
Hamriyah Free Zone houses over 6,500 companies from 157 countries, has attracted foreign investment from more than 500 industries in the key sectors of oil and gas, petrochemicals, maritime, steel, construction and food. The zone has an Oil & Gas Zone and a Petrochemical Zone to encourage investment from the sector.
Source: Sharafco, HFZ
