Aegis plans US$88 million storage terminal

India’s Aegis Logistics plans to invest up to Rs4 billion (US$88.01 million) to build a 600,000 kiloliter oil and petrochemicals storage terminal at APM Terminals Pipavav. Aegis, which owns two petroleum and chemicals storage terminals at Mumbai and one at Kochi in the southern state of Kerala, signed a deal with APM Terminals to sub-lease about 100 acres of land at Port Pipavav on the west coast of India for the new terminal. According to its website, Aegis currently owns 51,000 kiloliters of petroleum and chemicals storage facility at Kochi. Together with two gas terminals at Mumbai and Pipavav, Aegis handles more than 2 million metric tons (mt) of oil, gas and petroleum products, as well as around 400,000 mt of LPG. APM Terminals is the ports and terminals arm of the AP Moller Maersk group. (November 26, 2010)