Container Corporation of India Ltd (CONCOR) and Indian Oil (IOCL) formalized a non-binding Memorandum of Understanding (MOU) in a signing ceremony held at CONCOR Bhawan, New Delhi. The event witnessed the presence of Shri. Sanjay Swarup, CMD CONCOR, and Shri Sujoy Choudhary, Director (Planning & Business Development, Indian Oil.
Objectives of the MOU
The primary objective of this non-binding MOU is to facilitate discussions and collaboration between IndianOil and CONCOR. The focus areas include exploring opportunities for utilizing LNG as a fuel, addressing petrochemical logistics requirements, and establishing competitive pricing contracts for LNG auto-stations across India.
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Exploring New Business Avenues
Under the MOU, both entities aim to explore various avenues for collaboration, including the utilization of CONCOR’s warehouses to create virtual storage units for IndianOil’s petrochemical products. Additionally, the agreement entails exploring the possibility of supplying LNG through ISO containers via railways and multi-modal logistics.
Future Prospects and Collaborative Ventures
The partnership extends to leveraging CONCOR’s Multi-Modal Logistics Park (MMLP) at Paradip for IndianOil’s petrochemical rail dispatches and potential collaboration in handling logistics for a centralized PetChem warehouse of IndianOil, anticipated to be established in the near future.
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