Jacobs wins engineering contract for Cavern crude oil storage project in India

Source: Jacobs Engineering

Jacobs Engineering Group Inc. (NYSE:JEC) received a contract from IOT Infrastructure & Energy Services Ltd. (IOT) (formerly Indian Oiltanking) to provide engineering services for the Cavern Project to be built for Indian Strategic Petroleum Reserves Limited (ISPRL). The project is for the storage of crude oil in Visakhapatnam, India. 

Officials did not disclose the contract value, however they indicated that the total installed cost of the project is estimated at US $65 million. IOT is executing the project on an EPC basis for ISPRL. Jacobs will perform engineering services from their offices in India. 

Indian Oiltanking, founded in 1997, is a joint venture between Indian Oil Corporation Limited and Oiltanking GmbH.

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