June 19, 2023 [RIGZONE]- Indian company Infinite Mining & Energy will expand operations in the United Arab Emirates (UAE) by building a multifunctional oil refinery in the Hamriyah Free Zone in Sharjah, according to a report from the Emirates News Agency.
The new facility will have a production capacity of 10,000 barrels per day and an annual refining capability of 3.6 million barrels, the state-owned news agency said.
Under the agreement between Infinite and the Hamriyah Free Zone Authority (HFZA), Infinite will lease a plot of land measuring 200,000 square feet in the free zone for the facility. The expansion project, which would double Infinite’s investment in the free zone, will significantly increase the company’s storage capacity and help meet the growing demand for its services and products, the report said.
The expansion “reinforces HFZA’s appeal and significance in the oil, energy, and various other sectors”, the report quoted HFZA Director Saud Salim Al Mazrouei as saying. “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 highlighted the favorable investment climate that HFZA offers to energy and oil investors. “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”, he said.
Infinite began operations in the Hamriyah Free Zone in 2018, noted Infinite Managing Director Bilal Merchant. “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”, Merchant said.
According to the HFZA website, the Hamriyah Free Zone has an oil and gas zone spanning more than 49.5 million square feet (4.6 million square meters) and offers a host of integrated solutions for upstream, midstream, and downstream projects. The zone is also the second-largest petrochemical hub in the UAE.
The UAE is among the world’s ten largest oil producers. According to the USA International Trade Administration, around 96 percent of the country’s roughly 100 billion barrels of proven oil reserves are located in Abu Dhabi, ranking number six worldwide. The UAE produces an average of 3.2 million barrels of petroleum and liquids per day, according to the USA agency.
Later this year the UAE will host the Conference of the Parties (COP), the decision-making body of the United Nations Framework Convention on Climate Change. The 28th meeting of the COP takes place in Dubai from November 30 to December 12, with Abu Dhabi National Oil Co. chief executive Ahmed Al-Jaber serving as president.
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