Malaysian company Hyrax Oil Sdn Bhd plans to launch its internationalisation process by building a factory in Mozambique, which is due to start operating by the end of this year, said the company’s founder and managing director.
At the end of a ceremony to sign an agreement with Mozambican state oil company Petróleos de Moçambique (Petromoc), Dato’ Hazimah Zainuddin said that the factory would produce and sell a number of oil derivative products, including industrial, automotive and ship lubricants along with some specialised products.
The managing director of Hyrax Oil said that between US$8 million and US$10 million would be invested in the Mozambican factory. The company expects to produce over 2 million litres of products per month, which will be sold in Mozambique and other African countries.
Cited by Malaysian news agency Bernama, Dato’ Hazimah Zainuddin also said that the cooperation agreement signed with Petromoc would boost the company’s turnover by between 30 percent and 40 percent in 2014. (macauhub)