Oil prices may be on the decline from their record highs on fears of a global downturn, but one small trading company based in Sharjah is undeterred.
Gulf Petrochem, which operates a small refinery in Sharjah's Hamriyah Free Zone, plans to spend US$250 million (Dh918.1m) over the next two years to build a pipeline and storage terminals in the UAE, India and Malaysia.
"We will not worry about demand being eroded," said Kalrav Dixit, the trading manager of Gulf Petrochem. "It's just a starting phase for us."
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