Sharaf Group and Finetec jointly to set up largest cylinder manufacturing plant for CNG in GCC

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 Dhs110m 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.