Business | General
Sharaf in venture to set up CNG cylinder manufacturing plant
Sharaf Group has announced plans to set up a state-of-the-art cylinder manufacturing plant for compressed natural gas (CNG) in the Ras Al Khaimah Free Zone. The project is a joint venture with Finetec Corporation and Marvast General Trading.
- Staff Report
- Published: 23:29 February 24, 2008
Dubai: Sharaf Group has announced plans to set up a state-of-the-art cylinder manufacturing plant for compressed natural gas (CNG) in the Ras Al Khaimah Free Zone. The project is a joint venture with Finetec Corporation and Marvast General Trading.
The plant will be located on approximately 410,000 square feet.
The installed capacity of the plant will be 120,000 cylinders annually, which could be doubled in the future.
Catering to the needs of Middle Eastern countries as well as Asian countries like India, Bangladesh, and Pakistan, the plant will supply world class quality cylinders suitable for commercial fleets, passenger cars and transport vehicles.
Across the board
The plant will be able to manufacture both domestic and commercial/industrial cylinders.
The joint venture agreement was signed by Ebrahim Sharaf, chairman, and Sharafuddin Sharaf, vice-chairman of Sharaf Group; Jae Ihn Lim, president and CEO of Finetec, and Mohammad Reza, partner of Marvast General Trading.
The signing took place in the Sharaf Group Office in Dubai.
The estimated cost of the project is Dh110 million and production is expected to commence from the first quarter of 2009.
Speaking about the project, Lim said, "CNG is a better option compared to gasoline since it is an environmentally clean alternative with a longer service life and lower maintenance.
"Our tie-up with the Sharaf Group is very prestigious and will benefit the society enormously."
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