Psu Connect
During the Maritime India Summit 2023, a groundbreaking MOU was signed between Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and the Mumbai Port Authority (MbPA). The MOU is expected to bring economic growth to the region and the nation through the utilization of 15 hectares of reclaimed land at Jawahar Dweep (Butcher Island), just off the coast of Mumbai, for the establishment of state-of-the-art crude oil tankages, with an estimated cost of Rs. 1,500 crores.
The MOU is a significant development in the Indian oil and gas sector. It will help to increase India’s crude oil storage capacity and reduce its dependence on imports. The new tankages will also help to improve the efficiency of the supply chain and make India more competitive in the global market.
