BPCL, HPCL, Mumbai Port Authority signs MoU

New Delhi: On October 17, 2023, 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.

Read Also : THDCIL sign MoU for Water Sports High Performance Academy at Tehri

The project is expected to be completed within three years. It will create thousands of jobs and generate significant economic benefits for the region. The project is also a major step towards India's goal of becoming a global hub for oil and gas trading.

The establishment of these tankages is expected to expedite vessel discharges, significantly reducing demurrage costs, all while strengthening collaboration between BPCL, HPCL, and the Mumbai Port Authority.

Read Also : RITES Mukta Mitra wins 'Emerging Metro Woman of the Year' award