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 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.
