New Delhi, Mar 8 (PTI) Adani Ports and Special Economic Zone (APSEZ) on Tuesday said it has signed an agreement with Indian Oil towards augmentation of the latter's crude oil volumes at Mundra.

APSEZ in a statement said Indian Oil Corp Ltd (IOCL) shall expand its existing crude oil tank farm at APSEZ's Mundra Port, thus enabling it to handle and blend additional 10 mmtpa crude oil at Mundra.

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This will support IOCL's expansion of its Panipat refinery in Haryana, the statement added.

According to the statement, IOCL is raising the capacity at its Panipat refinery by 66 per cent to 25 million metric tonne per annum (mmtpa) to meet India's rapidly growing energy requirements.

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CEO and Whole Time Director of APSEZ Karan Adani said as IOCL's trusted long-term partner, APSEZ is well equipped to handle the additional 10 mmtpa crude oil at the company's existing single buoy mooring (SBM) at Mundra.

The statement said IOCL, which accounts for nearly half of India's petroleum products' market share, has a refining capacity of 80.55 mmtpa and over 15,000 km of pipeline network.

Part of IOCL's current crude oil requirement of 15 mmtpa for its Panipat refinery is handled at the SBM of Mundra Port, it added.

IOCL is operating a crude oil tank farm in an exclusive area in Adani's Mundra Special Economic Zone, consisting of 12 tanks with a total capacity of 720,000 kilolitre.

APSEZ is a part of the globally diversified Adani Group.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)