Infinite Mining & Energy has signed a deal with the Hamriyah Free Zone Authority (HFZA) to build a new oil refining unit in Sharjah, UAE.
The Indian company plans to double its investment in the free zone and set up a new multifunctional oil refinery.
According to the HFZA, the new unit will have the capacity to produce 10,000 barrels of oil daily and up to 3.6 million barrels per year.
Under the agreement, Infinite will lease 200,000ft² of land to construct its facilities.
The company anticipates that the expansion will significantly increase its storage capacity to meet the rising demand for its services and products.
HFZA director Saud Salim Al Mazrouei said: "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."
Infinite has been operating in the free trade zone since 2018.
Infinite Mining & Energy FZE managing director Bilal Merchant said: “HFZA’s strategic geographical location aligns perfectly with our company's specialities in the petrochemical, metallurgy, and energy sectors, enabling us to maintain direct interactions with leading manufacturers both locally and globally."
The new facility is anticipated to generate over 100 job opportunities for technicians and labourers once it is finished.
