Aegis Logistics to build global oil and petrochemicals storage complex

25-Nov-10

Aegis Logistics has announced a major deal to avail on sub-lease close to 100 acres of land for building a global oil and petrochemicals storage complex. Aegis will invest up to Rs 400 crore (US$90 mln) in building a 600,000 KL oil terminal complex in Port Pipavav. ''The facilities at Port Pipavav will service oil companies, who wish to use the port for import and export of oil and petrochemical products'', said Anish Chandaria , MD and CEO of AEGIS. With this, India is becoming part of the Asian supply network for oil for the first time. This port will be a strategic infrastructure for contango and arbitrage trading strategies. With our existing locations in Mumbai and Kochi, we are one step closer to achieving our stated aim of creating a 'necklace' of similar port terminals around the coastline of India . We will also be expanding our capacity in Kochi by 50 per cent and building an additional 80,000 KL in Haldia Port, he added. The Indian oil and gas logistics sector has remained relatively small by global standards until now, but with continued deregulation and liberalization of the Oil Sector by the Government the scope and the scale of the business is likely to undergo a huge expansion. Aegis's mission is to build an unrivalled national port infrastructure and distribution network in the oil and gas sector in India.