PASADENA, Calif., Aug. 31 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today that it 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.
In making the announcement, Jacobs Group Vice President Chris Nagel stated, "We are delighted to continue serving IOT and ISPRL to help them meet their customers' expectations."
Indian Oiltanking, founded in 1997, is a joint venture between Indian Oil Corporation Limited and Oiltanking GmbH.
Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.
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SOURCE Jacobs Engineering Group Inc.