Billionaire Gautam Adani’s APSEZ on Tuesday signed an agreement with Indian PSU- Indian Oil Corporation(IOC). According to the agreement IOC will build infrastructure for new crude oil tanks at Mundra. This will help IOC augment its crude oil volume.
Adani’s APSEZ will handle and blend 10 mmtpa crude oil for IOC. Important to note here is that IOC already has 12 tanks with a capacity of 7,20,000 KL at APSEZ and this new agreement will see them add 9 more tanks which will help increase the capacity to 1,1260,000 KL.
Karan Adani, CEO and whole-time Director of APSEZ said, Mundra Port is a major economic gateway that serves the northern hinterland of India by providing multi-modal connectivity.
“It gives us immense pride to strengthen our partnership further and support IOC, which plays a vital role in ensuring the energy security of the nation. As IOC’s trusted long-term partner, APSEZ is well equipped to handle the additional 10 MMTPA crude oil at our existing single buoy mooring (SBM) at Mundra.” He added.
IOC currently operates a crude oil tank farm in an exclusive area in Adani’s Mundra Special Economic Zone, consisting of 12 tanks with a total capacity of 7,20,000 KL.”The addition of 9 new tanks will augment the storage capacity to 12,60,000 KL, thus making Mundra Port by far the largest port-based crude oil storage facility for IOCL,” APSEZ said in a press release.
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