An industrial valve firm is set to create more than 40 jobs as soaring global demand for oil puts it in line for a record turnover.

Valve (Engineering) Services, in Grove Park, Enderby, says sales are likely to rise by up to 60 per cent this year to £16 million on the back of the buoyant oil industry.

The company, which supplies valves for both new oil platforms and maintenance projects, says it is on the brink of winning three orders worth £3 million.

It comes a few months after it secured a contract for £11 million with Chevron for an oil platform in Kazakhstan. It has also just won a contract worth £126,000 with Total in Russia.

Managing director Gary Webb said: "We are expecting three orders from Asia and Europe to come in over the next six weeks worth at least £3 million. There are other massive projects out there that we want to compete for."

Next month, the company, which employs 17 people, will move into a 5,800 sq ft building in Thorpe Way, Grove Park, which is more than double the size of its current office in Grove Court. The new site will be able to accommodate up to 60 staff.

"Over the next three to four years we would like to see that sort of figure in there," said Mr Webb.

"That's why we have bought the building - because of the growth we expect in the business. You don't buy this sort of building for just a few people."

Mr Webb said the company, which is aiming to increase the workforce to between 20 and 25 by the end of the year, would be looking for highly skilled mechanical engineers.

The company is planning to open a factory for specialist valves in Leicester, which could create 20 jobs.

Its valves are designed in Enderby, but most are made under other brands elsewhere. The firm has recently begun having some valves manufactured in Italy and the Far East under its own brand.

"We would look at making valves in Leicester at some point, but they would be very niche and require high-level engineering ability," said Mr Webb.

He expects sales to increase by about 40 per cent in 2009 to £22 million because of the continuing need for oil globally. It comes at a time when many businesses are seeing high fuel prices hit profits.

"There's such high demand for energy now because of China and other developing countries, that oil prices will keep creeping up," he said. "But I'm sure the price per barrel will correct itself eventually.''

He said: "We are in a good position where we can do a lot of good things with the business on the manufacturing and supply side. We have the structure and people to allow us to grow."

The company was founded in Coalville in 1995 and moved to Warren Park Way, Enderby, in 2002. It relocated to Grove Park last year.

Source: This Is Leicestershire

More news in Leicestershire