CHENNAI, June 15: The Chennai-based Seven Seas Petroleum Pvt Ltd has signed a joint-venture agreement with Itochu Corporation of Japan for setting up a liquid fuel tank storage facility.Seven Seas has expanded its equity base to Rs 3.60 crore, of which Itochu has acquired 50 per cent through two of its subsidiaries: Itochu Petroleum Co (S) Pte Ltd, Singapore (35 per cent) and Energy and Chemical Company, Japan (15 per cent).
The port land for setting up the tankage facility for kerosene and other petroleum products is yet to be identified, Peter K Manavalan, director Seven Seas said. The pact was signed here on Thursday.
Seven Seas Petroleum, an associate company of the Rs 100-croe Geroge Maijo group, is engaged in parallel trade of kerosene.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
