Apar Industries to set up transformer oil manufacturing unit at Hamriyah Free Zone

Updated 20 November 2014
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Apar Industries to set up transformer oil manufacturing unit at Hamriyah Free Zone

Singapore-based Petroleum Specialties Pte. Ltd (PSPL), a fully-owned subsidiary of the world renowned Apar Industries Ltd., is tset up a manufacturing unit at Hamriyah Free Zone Authority (HFZA).
The group signed an agreement with Sheikh Khalid bin Abdullah bin Sultan Al-Qasimi, chairman of Hamriyah Free Zone Authority (HFZA), Sharjah Airport International Free Zone (SAIF ZONE) and the Sharjah Sea Ports and Customs Department.
Kushal N. Desai, managing director of Apar Industries represented the Apar Industries Ltd.
Saud Al-Mazrouei, director of HFZA & SAIF ZONE; Sanjay Abhyankar, senior vice president of Apar Industries and project manager for HFZA project; Shirish Patwardhan, executive director, Rchemie International FZC; Sanjit Ghate, director of operations, Rcheme International FZC and other top officials were present at the signing ceremony that took place at SAIF ZONE.
Apar Industries Ltd. is the largest manufacturer of transformer oil, white oils, rubber process oils and lubricants (industrial & automotive) in India. 
The GCC and Africa accounts for a significantly large portion of Apar’s export revenues. 
The group has a $850 million diversified company offering value-added products and services in power transmission conductors, petroleum specialties and power cables.
The group accounts for about 50 percent of the Indian transformer oils market and about 22 percent of its aluminum conductor market. 
 “Our goal to create a robust business environment by meeting the needs and demands of our investors,” Saud Salim Al-Mazrouei said, while welcoming the 4th largest manufacturer of  transformer oils in the world to HFZA.
“We are keen to set up a manufacturing unit at HFZA, which can cater to the African/MENA market and help in expanding our reach to the  CIS countries,” said Kushal Desai, managing director of Apar Industries.
“We will set up this manufacturing facility through our Singapore-based subsidiary Petroleum Specialties Pte Ltd,” he added. 
When asked about the investment, he said: “The project is huge and still on the drawing board. Once detailed engineering is done we will be able to furnish further information about the project cost, working capital, etc.”
Abhyankar said: “HFZA has extended extensive support to us and PSPL has been awarded 30,000 square meters of land in HFZA to develop the facility and we plan to complete the project by December 2015."
He said: "“We are moving to HFZA due to its strategic location and as per the recommendation of our business associates Rchemie International FZC that already has a base in HFZA."
While evaluating their current market presence in the MENA/Africa region, Abhyankar said that Apar Industries Ltd. has decent market and sales in Africa, including MENA, and PSPL has strengthened the business of its customers through proactive product development.
“Currently, Apar Industries, which is listed on the Bombay Stock Exchange (BSE), exports specialty oils to more than 70 countries,” Abhyankar said.
Hamriyah Free Zone houses 6,000 companies from across 155 nations, welcoming foreign investment from more than 500 industries in the key sectors of oil and gas, petrochemicals, maritime, steel, construction, and food.


In nod to debt concerns, China Belt and Road summit to urge sustainable financing

Updated 21 April 2019
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In nod to debt concerns, China Belt and Road summit to urge sustainable financing

  • The Belt and Road Initiative envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond
  • But the initiative has proved controversial in many Western capitals, particularly Washington

SHANGHAI: World leaders meeting in Beijing this week for a summit on China’s Belt and Road initiative will agree to project financing that respects global debt goals and promotes green growth, according to a draft communique seen by Reuters.
The Belt and Road Initiative is a key policy of President Xi Jinping and envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending.
But it has proved controversial in many Western capitals, particularly Washington, which views it as merely a means to spread Chinese influence abroad and saddle countries with unsustainable debt through nontransparent projects.
The United States has been particularly critical of Italy’s decision to sign up to the plan last month, the first for a G7 nation.
In an apparent nod to these concerns, the communique reiterates promises reached at the last summit in 2017 for sustainable financing — but adds a line on debt, which was not included the last time.
“We support collaboration among national and international financial institutions to provide diversified and sustainable financial supports for projects,” the draft communique reads.
“We encourage local currency financing, mutual establishment of financial institutions, and a greater role of development finance in line with respective national priorities, laws, regulations and international commitments, and the agreed principles by the UNGA on debt sustainability,” it added, referring to the United Nations General Assembly.
The word “green” appears in the draft seven times. It was not mentioned once in the summit communique from two years ago.
“We underline the importance of promoting green development,” the draft reads. “We encourage the development of green finance including the issuance of green bonds as well as development of green technology.”
The Chinese government’s top diplomat, Wang Yi, said on Friday that the Belt and Road project is not a “geopolitical tool” or a debt crisis for participating nations, but Beijing welcomes constructive suggestions on how to address concerns over the initiative.
A total of 37 foreign leaders are due to attend the April 25-27 summit, though the United States is only sending lower-level representatives, reflecting its unease over the scheme.
The number of foreign leaders at the April 25-27 summit is up from 29 last time, mainly from China’s closest allies like Pakistan and Russia but also Italy, Switzerland and Austria.
China has repeatedly said Belt and Road is for the benefit of the whole world, and that it is committed to upholding globally accepted norms in ensuring projects are transparent and win-win for all parties.
“We emphasize the importance of the rule of law and equal opportunities for all,” the draft reads.