NEW DELHI (Reuters) – Indian Oil Corp, the country’s top refiner, will raise its crude tankage capacity at western Mundra port by 75% to handle an extra 73.3 million barrels of oil a year, said port operator Adani Port and Special Economic Zone (APSEZ).
Billionaire Gautam Adani’s APSEZ in a stock exchange filing on Tuesday said it has signed an agreement with IOC for the augmentation of crude oil volumes at Mundra Port.
The refiner currently has 12 tanks with a capacity of 720,000 kiloliters (4.53 million barrels).
IOC will spend 90 billion rupees ($1.17 billion) to add 9 new tank farms, taking capacity to 1.26 million kiloliters (7.93 million barrels), said the APSEZ statement.
Mundra port is well equipped to handle the additional 10 million tonnes of crude oil at its existing single buoy mooring (SBM), said Karan Adani, chief executive of APSEZ.
IOC currently imports oil at Mundra to partly meet the oil needs of its 300,000 barrels per day (bpd) Panipat refinery in northern Punjab state.
($1 = 76.9620 Indian rupees)
(Reporting by Nidhi Verma; Editing by Kirsten Donovan)
