Oil, gas and chemical logistics company, Aegis Logistics Limited has announced the commissioning of over 50 percent project capacity at the Pipavav Port, Gujarat, North West India.
The news comes six-months ahead of schedule for a project that initially begun in February 2013 to set up a Bulk Liquid Terminal capable of storing 120,000 kilolitres and a further terminal capable of storing 2,700 metric tonnes of gas, targeted for commission in H2 FY2015.
However, due to exceptionally fast work times, Phase I of the project is now 50 percent complete, with an extra 13 tanks now operational, and a storage capacity totalling 70,120 kilolitres.
At the end of Phase I, Pipavav will host 31 tanks for liquid bulk storage and are now more than confident that the project will be completed well within the allotted deadline.
Addition to port storage will allow the port to handle between three to four million metric tonnes of liquid and 750,000 metric tonnes of gas per annum.
The new facilities are expected to house petroleum, chemicals and petrochemical products.
By investing further in liquid bulk handling, the port hopes to expand its reach in markets across the north and north western Indian hinterlands.
Furthermore, the port is close to main maritime trade routes linking Europe and the Middle East with Asia, raising hopes for further financial opportunities.
Anish Chandaria, Pipavav managing director and CEO, was pleased with the early announcement stating, “Early commissioning of Bulk Liquid Terminal at Pipavav is a step towards company’s strategy of building a necklace of port terminals around India’s coast line.”
“The early commissioning of the Liquid Facilities of the Pipavav – Phase I project will generate additional Revenues & Profitability for Aegis and also help instil confidence in our customers for a longer term relationship and business for the upcoming Phase II project at Pipavav.”
“The company is continuing its activities towards its mission to build an unrivalled national port infrastructure and distribution network in the oil and gas sector in India.”