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HPCL, Vizag port sign MoU
Our Bureau
Visakhapatnam, March 31 The Visakhapatnam port and HPCL on Monday signed a memorandum of understanding (valid for 30 years) relating to certain commercial terms and conditions, according to a press release issued by the port.
According to the MoU, the Visakhapatnam Port Trust will make available 384 acres of land to HPCL for the latter’s projects.
The company is doubling the capacity of its refinery here from 7.5 million tonnes per annum to 15 mt and is also setting up a single point mooring. It is upgrading the facilities to comply with the Euro three and four norms. The land is required for these projects.
HPCL in turn assures the port of the cargo throughput of 15 million tonnes per annum from 2015 onwards and the additional traffic of petroleum products after the expansion.
The VPT, on its part, has agreed to reduce the wharfage rate for crude from the existing Rs 67.74 per tonne to Rs 39 per tonne. The port has also agreed to offer wharfage of Rs 17 per tonne for crude handled at SPM.
The MoU was signed by Mr M.S Rao, the Deputy Chairman of the Visakhapatnam port, and Mr P.A.B Raju, the Executive Director (Visakha refinery), on behalf of the HPCL.
Mr K. Ratna Kishore, port Chairman, and Mr B.K Namdeo, General Manager of HPCL, were present on the occasion.
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