Adani Ports and Special Economic Zone has submitted a binding offer of $3.3 billion, or €3 billion, for Evos Terminals, a European liquid storage company1. The Economic Times cited people aware of the bid, and said a final decision in the auction is expected in the coming weeks1. APSEZ, Evos and its owner Igneo Infrastructure Partners did not respond to questions from the newspaper1.
Two related developments are less settled. Bloomberg reported that Adani is weighing a similar sized approach for VTTI, a Dutch tank storage group2. That report said the talks were preliminary and no party has confirmed them2. APSEZ has also set up a company in Oman, which industry insiders read as a step towards a role at Salalah port4. Its chief executive said the filing did not mean a decision had been taken4.
For Indian buyers of tank capacity, the confirmed part is the one that matters. A port operator that handles nearly 27% of India's cargo volumes wants to own liquid terminals in Europe as well1, 5.
What APSEZ would be buying
Evos runs eight tank terminals with a combined 6.4 million cubic metres of storage at seven European ports in five countries1. Its 2025 EBITDA was estimated at €200 million1. The tanks hold motor fuels such as gasoline, and also biodiesel, sustainable aviation fuel and bio-marine fuels1. The Amsterdam-based company raised €950 million of debt in July through Evos Finance BV1. Igneo mandated Morgan Stanley to run the sale, with KKR, EQT and Macquarie among earlier contenders1.
The VTTI picture is different and less firm. The group works in 16 countries with 9.1 million cubic metres of storage, about 57 million barrels2. Its terminals store, blend and process products before they move on by ship, pipeline, rail or road2. It reports 1.943 million cubic metres, 66 tanks and 11 jetties at Fujairah in the UAE2. IFM Investors and Vitol each hold about 45% and ADNOC holds 10%, with ADNOC considering a complete exit, the report said2.
Why tank space became strategic
Storage owners can earn fees for handling products without taking direct exposure to their price, and that business is worth more when ships cannot move freely2. Saudi Aramco's chief executive, Amin Nasser, described the shortage on October 22. "Commercial storage available through partners is limited. The larger capacity lies in what we call strategic storage owned by governments," he said6. Saudi Arabia and Singapore then said Saudi crude would be stored at Singapore's Jurong Rock Caverns from the second half of 20277. The caverns can hold up to 1.47 million cubic metres of liquid hydrocarbons7.
India has the same gap. Indian Oil Corp chairman A S Sahney said on October 27 that India needs to invest in crude and LPG storage to give the country a few more days of cushion. He also said freight was eating the discount on crude8. The flows are large. India imported 22.26 million tonnes of crude and 1.40 million tonnes of LPG in September, along with 15.44 lakh tonnes of edible oil9, 10. All of it lands in tank farms first.
The buying is not only Adani's. Aegis Logistics has agreed to buy 89.8% of Dubai-based Tristar for $809 million in equity, a deal expected to complete in the fourth quarter of FY2711.
What changes for buyers of tank capacity
First, there are fewer independent owners to negotiate with. The main listed Indian storage and distribution company is buying an operator with terminals in more than 30 countries11. APSEZ is bidding for a European network and is reported to be looking at another1, 2.
Second, berth and tank may end up with the same owner. APSEZ is accelerating spending at Mundra, Dhamra, Hazira and Vizhinjam3. Average utilisation at Mundra was close to 92% in the first half, with some terminals above 100%3. Where one group controls the jetty, the tank farm and the blending, a buyer loses the option of playing one leg against the other. Throughput and blending terms then sit with one counterparty.
Third, the map matters. A European network, a terminal beside Hormuz and Indian gateways would give one group a chain from the Gulf to Rotterdam and Antwerp. A UK-based commodity trader told The Economic Times that the aim is to create a corridor between Mundra in Gujarat and western Europe, calling it an energy security issue for India1. That is a trader's reading, not a stated company plan.
The India capex question
APSEZ raised its FY27 capital expenditure guidance to ₹15,000-17,000 crore from ₹12,000-14,000 crore, and spent ₹10,521 crore in the first half3. Ashwani Gupta, the chief executive, said the increase does not include any international capex, even organic, and is mainly for India3. The company held ₹12,502 crore of cash at the end of September, with net debt to EBITDA of 1.8 times12.
The results release lists spending by port and segment, but not how much of the increase goes to liquid terminals12. The international business is also still small in earnings terms: in FY26 it brought 12% of revenue and 6% of consolidated EBITDA1.
Salalah is not a deal yet
Salalah Port Services Company told the Muscat Stock Exchange on October 18 that its concessions would not be extended beyond 1 November 20284, 13. The confirmation came from the Ministry of Transport, Communications and Information Technology, and the decision was final and unconditional, the company said13. The port runs under a 30-year concession signed in 1996, with APM Terminals holding 30%, Oman's Asyad 20% and the government's Social Cohesion Fund 10%13. APM Terminals said it "remains a central party" to the future structure and operation of the container terminal, and that the final agreement was under conclusion13. Oman has not announced a tender13.
APSEZ, for its part, incorporated Indian Ocean Gateway Terminal in Oman on October 21, with share capital of RO500,000, held through Adani International Ports Holdings5. The filing named no port and gave no investment details5. Salalah handled 4.3 million TEU in 2025 against a capacity of 6 million TEU, so the link would matter most for container transhipment, not for tanks13.
What to watch
The Evos decision is due in the coming weeks1. Whether any VTTI shareholder confirms talks is the test of that report2. For Salalah, watch for an Omani tender or award, and for APSEZ to name an asset rather than a company5, 13. For Indian buyers, the question at renewal is how much tank capacity at Mundra and Hazira sits with one group.