The director of the Hamriyah Free Zone Authority Saud Salem Al Mazrouei and the Sharjah International Airport Free Zone Authority have penned an investment deal with Ramesh Parekh, chairman of Gandhar Oil Refinery India.
The agreement will see the development of an “integrated project” to produce white oil, liquid paraffin, hydraulic liquid, transformer oil, rubber processing oil, motor oil and industrial oil, according to the Emirates News Agency, WAM.
The contract was signed to take advantage of the increasing need for oil products used in a range of industries including rubber processing, transformers, vehicles and other industries, such as iron and steel.
Al Mazrouei said that the free zone was the “preferred investment destination of heavy industries and petrochemicals”, due to its key strategic location and its connection to Hamriyah port, according to the WAM agency.
Gandhar Oil Refinery India’s decision to establish its new facility in Sharjah underlines the Hamriyah Free Zone’s compliance with international standards and its attractive investment environment, Al Mazrouei added.
Gandhar’s main office is located in Mumbai, with plants in Taloja and Silvassa.