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Indian Oiltanking Ltd. announces that they have signed the term sheet for the formation ofa 50:50 Joint Venture with theMundra Port & Special Economic Zone Ltd.,promoted by the Adani Group,to own, operate and develop a liquid product terminal at Mundra.

The new joint venture company will be named Mundra Indian Oiltanking Ltd. (MIOL) and will operate as an independent liquid storage provider. Indian Oiltanking Ltd. will be the managing partner of the JV.

The MIOL Terminal is located at Mundra Port on the northern shore of the Gulf of Kutch in the northwestern State of Gujarat and lies in the midst ofone of the India’s first private port based multi-product SEZ complex. The terminal has a total capacity of 342,000 m3 tank storage for providing services to leading domestic and multinational companies from therefining/marketing, trading and manufacturing sectors forpetroleum products including bunker fuel, biofuels, vegetable oils and liquid chemicals. The terminal uses multiple jetties having a - draft of 15 m and road and rail connectivity.Mundra Port has proximity to northern and western hinterland of India. The Gulf of Kutch handles significant amount of India’s crude oil imports and planned refinery expansions as well as trading possibilitiesopen up big potential for handling these additional crude oil imports at MIOL. Mundra Port already owns and operates a crude oil SPM for handling VLCC vessels at a distance of 7 km from the port and pipelines connectivities to refineries.

‘The joint venture with Mundra Port & Special Economic Zone will provide a decisive edge toour strong position in India by providing a pivotalterminal locationto effectively service the important northwestern Indian market’ says Sarthak Behuria, Chairman of Indian Oiltanking Ltd. ‘Together with the Adani Group we will endeavour to further improve the terminal’s performance, leveraging the worldwide experience of the Oiltanking Group with the compelling advantages of offering world-class terminalling services in one of the first port based multi-product SEZ in India’ adds Gust Spaepen, Managing Director of the Oiltanking Group worldwide.

Oiltanking GmbH, a division of German Marquard & Bahls AG, is the second largest independent tank storage provider for petroleum products, chemicals and gases world-wide. Oiltanking owns and operates 73 terminals in 21 countries in Europe, North and South America, and Asia. The group has an overall capacity exceeding 12 million cbm.

Indian Oiltanking Ltd. (IOT) is a 50:50 joint venture between Indian Oil Corporation Limited, India's top ranking Fortune 500 company and Oiltanking GmbH. IOT owns Terminals in Navi Mumbai and Chennai and hasJoint Ventures with Zuari Industriesin Goa which owns and operates a terminal in partnership, and with IOC and Skytanking in Bangalore for providing Aviation Services at the new Bangalore International Airport. The fast growing EPC Division of IOT offers services for design and engineering, procurement and constructionfor the petroleum, petrochemicals and power sectors in India and abroad. IOT also offers O&M services for terminals and jetties in petroleum and chemical sectors.

The Adani Group was founded in 1988 by its Chairman Gautam Adani and has grown from a trading house to a diversified group with interests ranging from commodities trading and power generation to agro processing and port operations. Group companies other than Mundra Port & SEZ Ltd. include Adani Enterprises Ltd. and Adani Wilmar Ltd.. Mundra Port is an integral part of the Mundra Special Economic Zone.

For more information about Oiltanking GmbH, Marquard & Bahls AG, Mundra Port and the Adani Group please visit www.oiltanking.com, www.mundraport.com, www.adanigroup.com

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