The Hamriyah Free Zone Authority (HFZA) has cemented its leading position and appeal for oil and energy sector investment following a deal with an Indian company, Infinite Mining & Energy.
Infinite announced that it will double its investment in the 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 3.6 million barrels.
H.E. Saud Salim Al Mazrouei, Director of the HFZA; and Bilal Merchant, Managing Director of Infinite Mining & Energy FZE; signed an agreement at HFZA headquarters with senior officials from both sides.
Under the agreement, Infinite will lease a 200,000 sqft 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.
The Infinite’s strategic decision to expand in the free zone is no surprise. HFZA provides integrated solutions for exploration, production, and refining projects.
Moreover, the free zone is a prosperous hub for regional and international companies specializing in the oil industry.
With an ideal business environment and a system of exceptional services and benefits, HFZA remains a prominent industrial base for international companies in the sector. This latest investment by Infinite further underscores HFZA’s success in attracting critical players in the oil and energy industries.
Leading position
On occasion, H.E. Saud Salim Al Mazrouei said Infinite’s new expansion plans demonstrate HFZA’s leading reputation as a preferred investment destination for heavy industries and the petrochemical sector.
“This also reinforces HFZA’s appeal and significance in the oil, energy, and various other sectors, a testament to our commitment to the visions and directives of His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, which have transformed the free zone into a role model, showcasing a strong return on investment and an ideal environment for establishing key projects, thereby becoming a vital contributor to the national economy,” he said.
Al Mazrouei added, “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.”
Elaborating further on the strategic decision of Infinite Mining & Energy, Al Mazrouei said 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 over 1,200 companies, including major international corporations specializing 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 meters.”
“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 centre in the country,” Al Mazrouei added.
Competitive advantages
For his part, Bilal Merchant said Infinite began operations in the Hamriyah Free Zone in 2018, and our plans to set up a multifunctional oil refinery alongside a modern oil storage facility equipped with over 20 loading slots is a testament to our strategic expansion to broaden our reach in both regional and international markets.
“HFZA’s strategic location aligns perfectly with our company’s specialities in the petrochemical, metallurgy, and energy sectors, enabling us to maintain direct interactions with leading manufacturers locally and globally.”
He also highlighted the competitive advantages offered by the free zone accelerate our ability to reach a more extensive customer base in the most efficient, speedy, and cost-effective manner.
Merchant pointed out the societal benefits of the expansion, noting, “Upon completion, the new facility is set to create over 100 job opportunities for technicians and workers, thereby contributing to the local employment landscape.”
The Hamriyah Free Zone is one of the largest free zones in the UAE, offering commercial and industrial land plots. It is advanced infrastructure and modern facilities significantly support investors’ external expansion plans, particularly in importing and re-exporting to global markets.
HFZA also provides a host of competitive advantages, the most notable being a single-window operation system that bolsters performance efficiency and simplifies business procedures.
Additionally, it offers a myriad of tax exemptions, total freedom to repatriate capital and profits, complete ownership of businesses, and fast connectivity to regional and international markets.