In a significant event witnessed by dignitaries including Shri. Sanjay Swarup, CMD CONCOR, and Shri Sujoy Choudhary, Director (Planning & Business Development, Indian Oil, a Non-Binding Memorandum of Understanding (MOU) was signed between Container Corporation of India Ltd and Indian Oil Corporation Ltd on January 29, 2024, at CONCOR Bhawan, New Delhi.
The purpose of this MOU is to facilitate discussions and cooperation between Indian Oil and CONCOR in various areas. These include exploring opportunities for using LNG as a fuel and addressing petrochemical and other container logistics requirements. Additionally, the agreement aims to establish competitive and stable pricing for contracts at existing and upcoming LNG Auto stations across India.
Furthermore, the MOU entails potential collaborations such as creating virtual storage units in CONCOR’s warehouses to store Indian Oil’s petrochemical products at different CONCOR terminals. Indian Oil and CONCOR will also explore new business prospects like supplying LNG through ISO containers via Railways and Multi-Modal Logistics. Moreover, the agreement includes utilizing CONCOR’s Multi-Modal Logistics Park (MMLP) at Paradip for Indian Oil’s Pet-chem rail dispatches and potential logistics handling by CONCOR for a centralized Pet-Chem warehouse of Indian Oil, expected to be established in the near future.
This collaboration signifies a strategic initiative between two prominent entities in the logistics and energy sectors, aiming to leverage each other’s strengths to explore new avenues and enhance efficiency in the transportation and storage of essential commodities like LNG and petrochemical products.