AED 120 million facility covers an area of more than 430,000 square feet The plant has monthly production capacity of approximately 6,000 metric tonnes, equivalent to an annual output of around 72,000 metric tonnes Al Mazrouei: Petrozo’s new investment reflects Sharjah's commitment to fostering an enabling environment for investors Al Mazrouei: HFZA offers advanced facilities & modern infrastructure, facilitating seamless access to key global markets for companies Petrozo CEO: HFZA provides competitive advantages, enabling enhanced proximity to the company's global customer base Petrozo COO: Hamriyah Free Zone stands out for its strategic geographical location, streamlined business operations, and the provision of state-of-the-art infrastructure Sharjah, February 27, 2024 Petrozo Energy, a leading Singapore-based oil and gas company, has announced an ambitous plan to establish a new manufacturing facility in the Hamriyah Free Zone, spanning over 430,000 square feet. The strategic decision was unveiled following the signing of a Memorandum of Understanding (MoU) by HE Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority (HFZA), and Randhir Bansal, Chairman of Petrozo Energy, in the presence of Tarique Kamal, CEO of Petrozo Energy and Pramod Kumar, COO of Petrozo Energy along with several managers and officials from both parties.
Under the agreement, a new Petrozo Energy plant will be set up in Sharjah’s Hamriyah Free Zone with an estimated investment of AED 120 million. The state-of-the-art facility is projected to have a substantial monthly output capacity of 6,000 metric tonnes, equating to an annual production of approximately 72,000 metric tonns. This expansion is expected to secure the company a 15% share of the total market production. Petrozo Energy Group, with its headquarters in Singapore, operates a global network with offices across Indonesia, India, Thailand, the UAE, Hong Kong, Myanmar, Bangladesh, the Philippines, the USA, and Vietnam. The company is renowned for its extensive portfolio, producing a variety of products including fuel oils, petrochemicals, bitumin (asphalt), naphtha, and waterproofing materials, catering to a diverse range of industries worldwide. HE Saud Salim Al Mazrouei stressed that Petrozo Energy's decision to invest and broaden its international footprint from Sharjah is a testament to Sharjah's commitment to fostering an investment- friendly climate, in line with the strategic vision of His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. Al Mazrouei highlighted that the Hamriyah Free Zone Authority (HFZA) delivers advanced facilities and infrastructure, designed to provide businesses with seamless access to major global markets and support a robust industrial and manufacturing sector. “We are committed to tailoring our services to meet the evolving needs of manufacturers and bolstering their expansion within the non-oil sectors not only to sustain the growth of the UAE's national economy but also to increase the industrial sector's contribution to the GDP and reinforce Sharjah's stature as a principal hub for production and export activities.
For his part, Tarique Kamal emphasized that choosing HFZA as a base for Petrozo Energy's new facility aligns perfectly with the company's strategic vision to cater to its clientele in the UAE, the Middle East, East Africa, and Southeast Asia. Our decision was propelled by the growing demand for the company's high-quality and efficient products. "The Hamriyah Free Zone offers numerous competitive advantages that would position us closer to our global customer base. Its strategic location, ease of business operations, and modern infrastructure are perfectly suited to our needs, enabling seamless access to regional and global markets and facilitating connections with customers worldwide," Kamal added. The company's products, catering to the needs of road, airport, construction, and railway contractors, are already being exported to various international markets, including Bangladesh, Ethiopia, Djibouti, Tanzania, New Zealand, Fiji, Mauritius, and Chile, among others. Petrozo Energy's fresh investment in Sharjah highlights the emirate's growing appeal for foreign direct investments and further cements Sharjah's status as a pivotal hub for expanding into regional and international markets. Petrozo COO Pramod Kumar stated that strategic location of Sharjah, combined with the advantageous positioning of HFZA near Hamriyah Port, offers unparalleled export and import facilities for the oil, gas, and petrochemical sectors. This not only bolsters the emirate’s industrial base but also significantly contributes to the national economy, reinforcing its role as a vital gateway for international companies.
Hamriyah Free Zone stands out as one of the largest free zones in the UAE, offering industrial and commercial plots alongside state-of-the- art infrastructure and modern amenities. These assets significantly bolster the external expansion strategies of its investors, particularly in import and re-export activities to global markets. HFZA boasts numerous competitive advantages, including a streamlined operational process through a single window, enhanced performance efficiency, and simplified business operations. Moreover, investors benefit from multiple tax exemptions, the freedom to repatriate capital and profits, complete ownership of businesses, and swift access to regional and global markets.
Ends
Photos: During the signing of a Memorandum of Understanding For further information, please contact:
- Ali Elgendy Misbar Communications +971 54 556 8608 [email protected]
- Ahmad Aldwairi Misbar Communications +971567835363 [email protected]
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