Sharaf Group along with Finetec Corporation and Marvast General Trading jointly announced the set up of a state-of-the-art Cylinder Manufacturing Plant for Compressed Natural Gas (CNG) in UAE on 11th Febrary, 2008.
The plant will be located in Ras Al Khaimah Free Zone on approximately 410,000 sq feet area. The installed capacity of the plant shall be 120,000 cylinders per year expanding to double in near future. Catering to the needs of Middle Eastern countries as well as many Asian countries like India, Bangladesh, and Pakistan etc, it'll supply the regional markets with world class quality cylinders suitable for commercial fleets, passenger cars and transport vehicles etc. Plant will also be capable to manufacture both domestic and commercial/industrial cylinders
The deal was officially sealed to a new beginning between Mr. Ibrahim Sharaf (Chairman) and Sharafuddin Sharaf (Vice Chairman) of Sharaf Group and Mr. Jae Ihn Lim, (President and CEO) of FINETEC and Mr. Mohammed Reza (Partner) of Marvast General Trading Co.
The signing event took place in the Sharaf Group Office in Dubai.
On this occasion, Mr. Ibrahim Sharaf, Chairman-Sharaf Group highlighted that it will benefit everybody in this region in terms of a safe and healthy environment. Our group's purpose has always been to contribute to the environment & society and to be at par with technology and new concepts. The estimated cost of the project is AED 110 million and the commencement of production is expected by 1st quarter of 2009. I thank Finetec for supporting us in this great initiative and I am sure CNG will change the way of our lives here".
Mr. Jae Ihn Lim, President & CEO - Finetec put forward, "We are honored to have taken this step to expand our venture to the region especially with the Sharaf Group. CNG is a better option compared to gasoline, since it is an environmentally "clean" alternative of those fuels with cost effectively giving longer service life and lower maintenance. Our tie up with the Sharaf Group is very prestigious and will benefit the society enormously".
It is been the endeavor of many countries to encourage the use of alternative fuels to address adverse environmental effects and skyrocketing prices of crude oils. In this respect, CNG developments are among the leading and preferred option due to its huge benefits.
-Ends-
Note to the Editor:
Sharaf Group is amongst one of UAE's largest and most respected business conglomerates comprising over 60 operating companies in more than 6 business sectors: Information Technology; Shipping; Retail; Real Estate; Financial Services; Consumer Products; Travel and Tourism and Construction Companies. The Group was founded in 1976 by two enterprising brothers, Ibrahim Sharaf and Sharafuddin Sharaf, of U.A.E origin. Over the years Sharaf Group has built its Financial Integrity, Discipline, Reliability, Trustworthiness and Product Delivery.
FINETEC having recently celebrated its 22nd anniversary has achieved international competitiveness in the field of cryogenic insulation material for LNG vessel & terminal, metal panel, fire-fighting system, refrigerants as well as seamless pressurized gas cylinder for industrial, semi-conductor gas & CNG containment. They will focus on an increasing and continuous investment in R&D, on strengthening their technology as well as spurring environment friendly product development in an effort to exploit the global market.
© Press Release 2008
