UAE-based Valor International FZC has signed a Memorandum of Understanding (MoU) with Hamriyah Free Zone Authority (HFZA) in order to increase its production capacity and expand its regional operations.
Valor International FZC is a Hamriyah Free Zone-based company specialized in trading and handling downstream refined oil by-products.
Initially, Valor International FZC invested over $27 million (AED100 million) in logistics and handling by acquiring a 115,000 CBM oil storage facility in Hamriyah Free Zone going by the trade name “Valor International Terminal FZE”. The facility is a liquid bulk storage facility providing a full range of oil logistics operations.
As part of the new MoU, Valor International FZC will invest $20 million (AED77 million) to build a multifunctional mini refinery over 193,750 sq. ft leased from the free zone. The new facility will have an estimated production capacity of 10,000 barrels per day. Further, it is designed to refine multiple commodities such as Crude Oil, Fuel oil, Gasoil, Naphtha among others.
“We had such a great experience with the HFZA since our incorporation in 2019. The new plant will be dedicated to refining many commodities such as fuel oil, gasoil, naphtha, and kerosene for local and global use. Other than the domestic UAE markets our target market includes India, the Far East, and some African Nations. We are currently exporting to over 10 countries around the world and we are growing daily. We have close to 40 people working at our terminal and we estimate that within a year we will have another 30 to 40 employees for the plant and around 10 more to our administration and trading teams.”
“Valor’s expansion plan is a significant step in the right direction. In addition to enhancing the growth of oil trade between manufacturers and users, the new facility will help the company better meet the increasing demand for energy and oil derivatives, considering the rapid economic growth witnessed by the Emirate of Sharjah,” commented Mr. Saud Salem Al Mazrouei, Director of the Hamriyah Free Zone Authority.