Wednesday 17 April 2024

Singapore's Petrozo Energy to set up factory in Sharjah

SHARJAH, February 28, 2024

Petrozo Energy, a leading Singapore-based oil and gas company, has announced plans to establish a new manufacturing facility on a 430,000 sq ft area in the Hamriyah Free Zone, Sharjah.
Petrozo Energy Group operates a global network with offices across Indonesia, India, Thailand, the UAE, Hong Kong, Myanmar, Bangladesh, the Philippines, the USA, and Vietnam.
Renowned for its extensive portfolio, Petrozo is into productiobn of a variety of products including fuel oils, petrochemicals, bitumin (asphalt), naphtha, and waterproofing materials, catering to a diverse range of industries worldwide.
The strategic decision was announced following the signing of a MoU by 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 other senior officials.
Under the agreement, a new Petrozo Energy plant will be set up in Sharjah’s Hamriyah Free Zone with an estimated investment of AED120 million ($35.3 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 tonnes. 
This expansion is expected to secure the company a 15% share of the total market production, it added.
Al Mazrouei said 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.
"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," he noted.
On its Sharjah foray, Kamal pointed out that choosing HFZA as a base for Petrozo Energy's new facility aligned 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 HFZA 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," he added.
Petrozo COO Pramod Kumar said the 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 companiesm," he noted.
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, he added.-TradeArabia News Service


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