Oiltanking to build terminal at Mundra

Indian Oiltanking, a joint venture between equal partners Indian Oil Corp. and Germany’s Oiltanking, has signed an agreement with Mundra Port & Special Economic Zone to own, operate and develop a liquid products terminal at Mundra on the country’s west coast. The 50-50 joint venture, named Mundra Indian Oiltanking Ltd (MIOL), will operate as an independent liquid storage provider. The terminal will have a capacity of 342,000 cubic meters for petroleum products, including bunker fuel and biofuels, apart from vegetable oils and liquid chemicals. ‘Together with the Adani Group we will endeavor to further improve the terminal’s performance, leveraging the worldwide experience of the Oiltanking Group with the compelling advantages of offering terminaling services in one of the first port-based multi-product SEZ in India,” said Gust Spaepen, managing director, Oiltanking Group worldwide. (April 12, 2007)