Can you tell me about the deal between Adani Ports and IOCL?

Here is what you need to know about the agreement between Adani Ports SEZ and IOCL.

· Adani Ports SEZ confirmed that it had signed an agreement with Indian Oil Corporation for the augmentation of crude oil volumes at Mundra, the marquee port of Adani.

· Under the deal, Indian Oil Corporation will expand crude oil tank farm at the Mundra port that will enable the port to handle and blend additional 10 MMTPA of crude oil.

· Indian Oil currently operates 12 tanks at the Adani’s Mundra SEZ with total capacity of 7,20,000 KL. Now IOCL plans to add 9 new tanks to augment the storage capacity by 80% to 12,60,000 KL. This makes Mundra the largest port based crude storage facility for IOC.

· Mundra Port is already a major economic gateway for the northern hinterland with the benefit of multimodal connectivity.

· IOCL currently has refining capacity of 80.55 MMTPA and 15,000 KM pipeline network. Part of IOCL's current crude oil requirement of 15 MMTPA for its Panipat Refinery in the state of Haryana is handled at the SBM at Mundra Port. Now that gets expanded.

The Adani Port SEZ is already the largest port developer and operator in India with 6 ports and terminals on the west coast and 6 ports and terminals on the East coast of India. It had recently expanded its presence in the East also.