IOT to develop crude oil terminal at Paradip

A consortium of IOT Infrastructure & Energy Services (IOT) and Oiltanking GmbH, Germany, (OT) has bagged an order for development of crude/product tankages facilities at Paradip refinery project in Orissa on BOOT basis by Indian Oil Corporation (IOC). The total project cost is estimated at around Rs 3,000 crore.

IVRCL Infrastructures & Projects is expected to be the JV partner in the SPV called IOT Utkal Energy Services, which has been set up for the implementation of the project.

IOT/OT is to have an equity stake of 62.5 per cent in the SPV and IVRCL through its subsidiary will get 37.5 per cent stake.

The project involves installation, operation and maintenance of nearly 1.4 million tankages for crude oil, petroleum products, LPG and sulphur and associated facilities at Paradip refinery which is expected to go on-stream, during 2012. The concession period is to be 15 years after commissioning.