Tue, 29 Nov 2022

SHARJAH, 25th September, 2022 (WAM) -- Magnum Technology Centre (MTC), a world leader in the design and manufacture of entire equipment packages for well testing and production, Managed Pressure Drilling and Under Balance Drilling services, has inaugurated a new 345,000 sq. ft. production facility in the Hamriyah Free Zone.

The new factory is set to increase MTC's production capacity by 10% from its current 1,000 metric tons/year.

Saud Salim Al Mazrouei, HFZA Director, and Sajeev John, Vice President of MTC, opened MTC's second plant in the UAE win the presence of senior officials from HFZA and General Manager Shibu David of MTC HFZA.

Soon after cutting the ribbon, Al Mazrouei, accompanied by a number of HFZA officials, toured the new facility, which is powered by 121 highly experienced staff and has a sound engineering and manufacturing capability to cater to the oil and gas industry. He was briefed on the latest techniques and solutions provided in the fields of well testing and production, underbalanced drilling, and managed pressure drilling and Modular buildings.

Speaking on the occasion, Al Mazrouei emphasised that HFZA has grown into a significant hub for oil and gas industries. This would not have been possible had it not been for the wise vision of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who seeks to strengthen Sharjah's position as a top investment destination, offering value-added services to all investors.

"Driven by Dr. Sheikh Sultan's vision, the HFZA has made it a priority to make it easier for investors to access all basic needs, particularly in the energy industry. Accordingly, we have developed a comprehensive system of logistical services and cutting-edge infrastructure to stimulate the growth of businesses including those operating in the oil and gas sector," Al Mazrouei said.

"MTC's new plant in the HFZA will surely be a great addition to other oil and gas enterprises operating in the free zone, in particular, and the UAE in general, simply because of its unique specialty and innovative services," he added.

Al Mazrouei went on to say that the existence of Hamriyah Port, which offers export and import services for oil, gas, and petrochemical raw materials, along with the fact that the HFZA is strategically located in the middle of the most significant energy markets in the world, has resulted in more than 1,500 businesses specialising in the petrochemical industry, oil and gas storage, and bunkering, basing their operations in the free zone. Additionally, we allot a combined service area to businesses engaged in this sector, in particular.

Sajeev John said, "Since we established our first production facility in the UAE in 2010, we set our sights on becoming a major supplier for the global oil and gas industry by providing an innovative range of individual and packaged products designed and manufactured to the latest industry standards from stock or with advanced delivery, which therefore enhances the ability of our customers to bring their services to the market on time."

"We have selected the HFZA in particular for many reasons. The HFZA provides unique privileges and facilities to foreign investors and has vast and varied experience in the traditional and renewable energy sectors. It is also one of the most important and largest free zones in the UAE, attracting huge investments in the field of energy, especially oil and gas. It houses major international companies operating in this sector. We are confident that our HFZA-based production facility will help us expand our business specialties in other sectors such as renewable, Electrical modular buildings and reach new markets in the Middle East, Africa, and Europe," John added.

In addition to offering industrial and commercial plots of land, HFZA, the second-largest industrial-free zone in the UAE, provides advanced infrastructure and modern facilities that strengthen external expansion plans for investors, especially in importing and re-exporting, to the world's markets. It also provides countless competitive advantages, most notably a single-window operation that boosts the efficiency of performance and eases procedures of doing business, along with multiple tax exemptions, repatriation of capital and profits, full foreign ownership of the business, and quick access to regional and global markets.

 

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