Oiltanking is pleased to announce that it has entered into an agreement with Adani Ports and Special Economic Zone Limited (APSEZ) to sell its stakes in Indian Oiltanking Limited (IOT) and its subsidiaries. IOT is Oiltanking’s Indian JV with Indian Oil Corporation Limited (IOC), India’s largest government-owned oil corporation. The sale is subject to customary approvals by third parties.

IOT and its subsidiaries own and/or operate a network of six terminals with a total capacity of ca. 2 million cbm for storing and handling of crude, petroleum products, ethanol, ATF, LPG and petrochemicals across India, namely Navghar, Paradip, Raipur, Goa, JNPT and Dumad, as well as a biogas plant in Namakkal, Tamil Nadu. The divestment of Oiltanking’s stake in IOT and its subsidiaries is a result of Oiltanking’s strategic review to continuously optimize its asset portfolio.

Matti Lievonen, CEO of Oiltanking, said: “Since the establishment of IOT in August 1996, the joint venture with IOC has developed into a strong partnership that has grown significantly and achieved many great successes. We are confident that this success story will continue with APSEZ and strongly believe that APSEZ will help to grow the business further at a time when energy demand in India continues to be on the rise. We would like to thank our customers for their trust over the years and express our sincere gratitude to all Indian Oiltanking employees. We wish them all the best for the future.”

The sale is subject to customary approvals by third parties. Completion of the transaction is expected to occur in the course of 2023.

About Oiltanking

Oiltanking GmbH is a subsidiary of Marquard & Bahls, an agile, independent holding company in the energy & chemical sector. Through its portfolio, Oiltanking is one of the largest independent tank storage providers for gas, chemicals, and petroleum products worldwide.