ITOCHU has acquired a portion of the equity securities of Aegis Terminal from Aegis Vopak Terminals, which is situated at Port Pipavav in Gujarat, India. The terminal hosts an ammonia storage tank with a capacity of around 36,000 tonnes, cargo handling facilities, pipelines, and truck loading and unloading facilities.
ITOCHU has already developed storage terminal business in India with the Aegis Group, primarily in the LPG sector. This acquisition reinforces the company’s want to strengthen its presence in the ammonia sector.
According to its press release, ITOCHU states: ‘Amid global population growth, rising food and energy demand and the accelerating transition toward green energy for the realisation of a sustainable society, demand for ammonia is expanding. In addition to its traditional fertiliser and industrial applications, ammonia is also expected to see growing demand in clean energy applications, including as a fuel and hydrogen carrier. With medium to long term demand growth expected in the Indian market, ITOCHU aims to build on its long-term relationships with core customers, including fertiliser and chemical manufacturers, while also positioning itself for expansion into fuel and clean energy applications.’
