Gandhar Oil Refinery India has earmarked Sharjah for overseas expansion as its capacity at home approaches its limits.
The company plans to establish an integrated project to produce white oil, liquid paraffin, hydraulic liquid, transformer oil, rubber processing oil, motor oil and industrial oil.
Saud Salem Al Mazrouei, director of the Hamriya Free Zone Authority and the Sharjah International Airport Free Zone Authority, has signed an investment agreement with Ramesh Parekh, chairman of Gandhar Oil Refinery India for the project, state news agency WAM reported.
The agreement was signed to meet the increasing demand for oil products used in cosmetics, medical products, rubber processing, transformers, vehicles and other industries, such as iron and steel, WAM added.
Al Mazrouei said that the zone is the preferred investment destination of heavy industries and petrochemicals, due to its key strategic location and its connection to Hamriya port.
Parekh added that his company’s projects in India are working at full capacity, adding that the UAE is his first choice for overseas expansion due to its stable investment environment.
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