Hamriya Free Zone Authority has signed an investment agreement with Gandhar Oil Refinery India to establish an integrated project producing white oil, liquid paraffin, hydraulic liquid, transformer oil, rubber processing oil, motor oil and industrial oil, Emirates News Agency (WAM) reported.
The deal was signed due to the increasing demand for oil-based products used in cosmetics, medical supplies, rubber processing, transformers and vehicles.
Saud Salem Al Mazrouei, director of the Hamriya Free Zone, said that the zone is preferable for investments in heavy industries and petrochemicals due to its location and connection to Hamriya port.
Gandhar chairman, Ramesh Parekh, said that the refinery is looking to expand its international projects because its local operations are working at full capacity. This will allow the company to meet the increasing demand for its products. He added that the agreement was made with the UAE because of its stable investment environment.