Oiltanking has reached agreement with Adani Ports and Special Economic Zone to sell its stake in Indian Oiltanking and its subsidiaries
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.
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.
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. For more information on Oiltanking, please visit www.oiltanking.com.
Adani Ports and Special Economic Zone Ltd (APSEZ) is part of the globally diversified Adani Group has evolved from a port company to an integrated transport utility. It is the largest port developer and operator in India with six strategically located ports and terminals on the West coast and six ports and terminals on the East coast of India representing 24% of the country's total port capacity and handling vast amounts of cargo from both coastal areas and the hinterland. The company is also developing two transshipment ports at Vizhinjam, India and Colombo, Sri Lanka. APSEZ’s platform comprises port facilities, integrated and multimodal logistics parks, Grade A warehouses and industrial economic zones and puts it in an advantageous position as India stands to benefit from an impending overhaul in global supply chains. APSEZ’s vision is to be the largest ports and logistics platform in the world in the next decade. With a vision to turn carbon neutral by 2025, APSEZ was the first Indian port and third in the world to sign up for the Science-Based Targets Initiative (SBTi) committing to emission reduction targets to control global warming at 1.5°C above pre-industrial levels. For more information, please visit www.adaniports.com.