Indian Oil and Oiltanking subsidiary IOT Infrastructure & Energy Services (OT) has signed a new storage and handling joint venture with Belgium-headquartered Katoen Natie.
The JV will realise Katoen Natis strategy to move onto the Indian sub-continent. IOT on the other hand continues to diversify its terminalling business into the field of polymers and solid specialty chemicals storage, handling, packing and transportation.
The new joint venture will be based in Mumbai and will pursue opportunities for the storage, handling, packing and transportation of polymers and solid specialty chemicals in Indias rapidly developing chemicals and petrochemicals industries. In the new joint venture company Katoen Natie will hold a 51% interest while IOTs interest will be 49%.
Katoen Natie provides integrated and tailor-made logistics and engineering solutions to a key number of industries and to clients all over the world.
Oiltanking is the second largest independent tank storage provider for petroleum products, chemicals and gases world-wide. IOT operates a diverse portfolio of businesses, comprised of the EPC business, terminalling and upstream services and has taken steps to enter into the renewable energy business. IOT offers an array of services to the oil and gas industry.
