New investment plans align with the company’s expansion strategy
The Hamriya Free Zone Authority (HFZA) has cemented its leading position and appeal for investment in the oil and energy sector following a deal with an Indian company Infinite Mining & Energy.
Infinite announced that is going to 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 3.6mn barrels.
HE Saud Salim Al Marzouki, Director, HFZA and Bilal Merchant, Managing Director, Infinite Mining & Energy FZE, recently signed an agreement at HFZA headquarters in the presence of senior officials from both sides.
Lease
Under the agreement, Infinite will lease a 200,000sqft 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.
Infinite’s strategic decision to expand in the free zone comes as no surprise. HFZA is known for providing integrated solutions for exploration, production, and refining projects.
Speaking on the occasion, HE Al Mazrouei said Infinite’s new expansion plans demonstrates HFZA’s leading reputation as a preferred investment destination for heavy industries and the
For his part, Merchant said Infinite plans to set up a multifunctional oil refinery, alongside a modern oil storage facility equipped with over 20 loading slots.
