IOT-OT-IVRCL combine to develop crude/product terminal in IOC’s Paradip refinery on boot basis
Singh | Dec 15, 2009 | Comments 0
Consortium comprising IOT Infrastructure & Energy Services Limited (IOT) and Oiltanking GmbH, Germany (OT) has been awarded the concession for development of crude/product tankages facilites at Paradip Refinery Project, Orissa on build, own, operate and transfer (BOOT) basis by Indian Oil Corporation Limited (IOC).
IVRCL Infrastructure & Projects Limited (IVRCL) will be the joint venture partner in the special purpose vehicle, IOT Utkal Energy Serivices Limited, which has been set up for the implementation of this project.
The project involves installation, operation and maintenance of approx. 1.4 million kilolitres of tankages for crude oil, petroleum, LPG and sulphur and associated facilities at Paradip Refinery Project in Orissa which is expected to go on-stream during 2012. The concession period will be 15 years after commissioning. The total project cost is estimated at around Rs 3000 crore.
IOT/OT will have an equity stake of 62.5% in IOT Utkal Energy Services Limited., and IVRCL through its subsidiary will invest 37.5%.
EPC Services will be provided by IOT and IVRCL, while Operations and Maintenance will be undertaken by IOT.
IOT, a 50:50 joint venture of IOC and OT, is a leading services provider in the Terminalling, Aviation, EPC and Upstream sectors. IOT owns/operates more than a million KL of tankage capacity in India and has constructed nearly 3 million KL tankage capacity in India and abroad.
IVRCL is a premier construction and Infrastructure Development Company with presence in Water, Roads, Power, Oil & Gas and Building segments. The company in addition to its EPC activities is also engaged in a number of Infrastructure Development Projects in Highways, Water and environment on BOOT basis.
OT, a subsidiary of Marquard & Bahls AG, Germany, is one of the world’s leading independent storage partners for oils, chemicals and gases. OT owns and operates 68 terminals (16.2 million KL) in 21 countries across 4 continents.
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