MRPL signs US$2 bn agreement with STC Mauritius
Mangalore Refinery & Petrochemicals Ltd (MRPL), a subsidiary company of ONGC, has inked an agreement with State Trading Corporation, Mauritius for supply of liquid petroleum products amounting to 1.1 MMT per annum valued at US$660 million at current fuel prices.
The products comprising Jet A1 (ATF) MoGas (95 RON), GasOil (HSD) and Furnace Oil ( three grades) will be supplied for a period of three years and the total value of this deal at current prices is US$2 billion.
The agreement was signed by UK Basu, Managing Director, MRPL and Soomarooah, General Manager, STC in presence of Showkutally Soodhun, Minister of Commerce & Industries, Republic of Mauritius and Murli Deora, Minister for Petroleum and Natural Gas, and RS Sharma, Chairman, ONGC Group of Companies.
Speaking on the occasion, Showkutally Soodhun sought Indian assistance to build their self reliance in Petroleum in the form of a JV that will set up and run a refinery at Mauritius.
Murli Deora asked MRPL to ensure that there is uninterrupted supply of fuels as per contract and all products are delivered on time. Deora said that the ONGC group of companies through MRPL and Indian Oil’s IOC Mauritius are doing well to expand the cooperation.
The State Trading Corporation Mauritius had first entered into the Product Supply agreement with MRPL for a period of one year for Gasoil, Jet A1, MOGas and FO in 2006 and renewed it for three more years in July 2007.