India Oil to add 9 more oil tanks at Mundra port

Indian Oil Corp, the country's top refiner, will raise its crude tankage capacity at western Mundra port by 75 percent to handle an extra 73.3 million barrels of oil a year, said port operator Adani Port and Special Economic Zone (APSEZ).

Billionaire Gautam Adani's APSEZ in a stock exchange filing on Tuesday said it has signed an agreement with IOC for the augmentation of crude oil volumes at Mundra Port.

The refiner currently has 12 tanks with a capacity of 720,000 kiloliters (4.53 million barrels).

IOC will spend 90 billion rupees ($1.17 billion) to add 9 new tank farms, taking capacity to 1.26 million kiloliters (7.93 million barrels), said the APSEZ statement.