Indian Oiltanking Ltd, a 50:50 joint venture between Indian Oil and Oiltanking GmbH of Germany, is setting up a Rs.600 crore terminal facility for crude oil and refined petroleum products in South India.

The project will support the proposed 6 million tpa refinery of Nagarjuna Oil Corporation at Cuddalore, Tamil Nadu, in which IOTL will have a minority stake.

The IOTL board has approved the project in principle, although the exact location is yet undecided. IOTL is awaiting the financial closure of the Cuddalore petroleum refinery that is expected soon.

The sources said that the company would set up single buoy mooring facility for unloading crude oil, and a marketing terminal for refined products.

IOTL registered a net profit of Rs 14 crore on a turnover of Rs 273 crore in the last fiscal. The group turnover, which includes contributions from Stewarts & Lloyds and Zuari Indian Oiltanking (ZIOL), is Rs 338 crore.

IOTL Group: The IOTL group consists of Stewards & Lloyds in which IOTL acquired 55 per cent stake in December 2004. The group has a joint venture, Zuari Indian Oiltaking Ltd which offers terminalling services to oil marketing companies in Goa. Overall, the IOTL group offers its services from 14 locations in the country including Mumbai and Chennai.

Apart from terminalling facilities, IOTL has an engineering procurement and construction division, which is currently executing orders worth Rs.500 crore in the traditional areas of terminal facility or tankage and also in fields such as piping, crude oil dehydration plant, gas station construction, etc.

Also See:

Cuddalore refinery project rekindled (21-Apr-05)