India’s Infinite Mining & Energy has announced plans to double its investment in the Hamriyah free zone and establish a multifunctional oil refinery
The new facility will have a daily production capacity of 10,000 barrels and an annual refining capability of up to 3.6mn barrels.
Under the agreement, Infinite will lease a 200,000 sq ft plot of land in the free zone to build its facilities. This expansion is expected to significantly increase the company's storage capacity, catering to the growing demand for its services and products.
H.E. Saud Salim Al Mazrouei, director of the HFZA, said Infinite’s new expansion plans demonstrates HFZA’s leading reputation as a preferred investment destination for heavy industries and the petrochemical sector.
"Infinite’s new facility will be a significant addition to the emirate's burgeoning economic landscape through its production volume, which caters to the demand for energy products and derivatives for both existing and future industrial projects."
Al Mazrouei added that the company's choice of Hamriyah Free Zone to establish a multifunctional oil refinery underscores the high global standards and the favourable investment climate HFZA offers to investors in the energy and oil sectors.
“As of today, the free zone houses more than 1,200 companies, including major international corporations specialising in this sector. They operate within a dedicated area for petrochemical industries, which boasts a strategic location and is connected to a commercial port with a depth of 14 metres.
"This strategic positioning supports import and export operations for our investing companies, offering easy access to major markets. Coupled with our range of distinguished services, state-of-the-art infrastructure, world-class logistics services, and facilities, we have grown to become the second-largest petrochemical center in the country," Al Mazrouei added.
Bilal Merchant, managing director of Infinite Mining & Energy FZE, said Infinite’s plans to set up a multifunctional oil refinery, alongside a modern oil storage facility equipped with more than 20 loading slots, is a testament to the company’s strategic expansion to broaden its reach in both regional and international markets.
“HFZA’s strategic geographical location aligns perfectly with our company's specialties in the petrochemical, metallurgy, and energy sectors, enabling us to maintain direct interactions with leading manufacturers both locally and globally."