Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Saud Salem Al Mazrouei, Director of the Hamriya Free Zone Authority and the Sharjah International Airport Free Zone Authority, signed an investment agreement with Ramesh Parekh, Chairman of Gandhar Oil Refinery India, to establish an integrated project to produce white oil, liquid paraffin, hydraulic liquid, transformer oil, rubber processing oil, motor oil and industrial oil.
The agreement was signed to meet the increasing demand for oil products used in cosmetics, medical products, rubber processing, transformers, vehicles and other industries, such as iron and steel.
Al Mazrouei said that the zone is the preferred investment destination of heavy industries and petrochemicals, due to its key strategic location and its connection to Hamriya port, which supports the import and export operations of investors. The decision of Gandhar Oil Refinery India to establish its new factory confirms that the zone complies with international standards and has an attractive investment environment, he added.
Parekh stated that his company’s projects in India are working at full capacity. Therefore, they aim to implement expansionary projects outside India, to meet the increasing demand for their products, he added while noting that the UAE is their first choice, due to its stable investment environment.
Hamriya Free Zone was chosen for many strategic and logistic reasons based on feasibility studies, and his company will launch a new industrial line, under the trademark, “Texol,” as part of their marketing strategy, he said in conclusion.
