News Release Details
MRPL lands $2 billion Mauritius deal
New Delhi 10-Jul-2007
MRPL, the standalone refining arm of flagship explorer Oil and Natural Gas Corporation, has signed an agreement with State Trading Corporation of Mauritius to supply petroleum products to. the island nation for three years, starting next month. The deal is valued in excess of $2 billion and makes MRPL the second Indian company after state-owned IndianOil to fuel that country. The contract was signed on Friday by MRPL managing director R Rajamani and STC Mauritius general manager R S Soomarooah in the presence of oil minister Murli Deora and Mauritian industry minister Rajesh Jeetah. According to the agreement, MRPL will supply one million tonnes of petroleum products — petrol, diesel, jet fuel and furnace oil — each year to Mauritius. The agreement could be extended later for building and feeding a storage facility in Mauritius for further supplying to African markets. Talks between the two sides were flagged at a discussion between Deora and Jeetah. MRPL already has a one-year contract with Mauritius which is expiring this month. In June 2006, for the first time, Mauritius finalised imports of its entire petroleum product (gasoline, diesel, jet fuel, and furnace oil) requirement from MRPL, which add up to around one million tonnes. The products imported from MRPL by STC Mauritius will be sold to oil marketing companies who have operations there such as Shell, Total, Caltex Oil Ltd and IndianOil. Besides Mauritius, MRPL started exporting to other markets in 20Q6-07 such as Emirate National Oil Company of Dubai aggregating 1.5 million tonnes of products. Deora described the agreement as "a very important and a major step forward in strengthening the long and friendly relations between India and Mauritius". He assured Jeetah India would meet the trust and faith reposed by Mauritius and promised to cater to all requirements of Mauritius in respect of the oil sector. Jeetah complimented India for its role in developing institutions and infrastructure in Mauritius. Describing the signing of the agreement as historic, Jeetah pointed to the strong cultural and emotional bonds between the two countries taking a new turr with rapidly growing economic and technical ties.
New Delhi 10-Jul-2007
MRPL, the standalone refining arm of flagship explorer Oil and Natural Gas Corporation, has signed an agreement with State Trading Corporation of Mauritius to supply petroleum products to. the island nation for three years, starting next month. The deal is valued in excess of $2 billion and makes MRPL the second Indian company after state-owned IndianOil to fuel that country. The contract was signed on Friday by MRPL managing director R Rajamani and STC Mauritius general manager R S Soomarooah in the presence of oil minister Murli Deora and Mauritian industry minister Rajesh Jeetah. According to the agreement, MRPL will supply one million tonnes of petroleum products — petrol, diesel, jet fuel and furnace oil — each year to Mauritius. The agreement could be extended later for building and feeding a storage facility in Mauritius for further supplying to African markets. Talks between the two sides were flagged at a discussion between Deora and Jeetah. MRPL already has a one-year contract with Mauritius which is expiring this month. In June 2006, for the first time, Mauritius finalised imports of its entire petroleum product (gasoline, diesel, jet fuel, and furnace oil) requirement from MRPL, which add up to around one million tonnes. The products imported from MRPL by STC Mauritius will be sold to oil marketing companies who have operations there such as Shell, Total, Caltex Oil Ltd and IndianOil. Besides Mauritius, MRPL started exporting to other markets in 20Q6-07 such as Emirate National Oil Company of Dubai aggregating 1.5 million tonnes of products. Deora described the agreement as "a very important and a major step forward in strengthening the long and friendly relations between India and Mauritius". He assured Jeetah India would meet the trust and faith reposed by Mauritius and promised to cater to all requirements of Mauritius in respect of the oil sector. Jeetah complimented India for its role in developing institutions and infrastructure in Mauritius. Describing the signing of the agreement as historic, Jeetah pointed to the strong cultural and emotional bonds between the two countries taking a new turr with rapidly growing economic and technical ties.