MRPL signs $2 billion fuel supply deal to Mauritius | business | Hindustan Times
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MRPL signs $2 billion fuel supply deal to Mauritius

business Updated: Jul 01, 2010 20:54 IST

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) on Thursday signed an agreement to supply fuel to the Indian Ocean island nation of Mauritius for the next three years.

The agreement was signed between Mauritius's State Trading Corporation and MRPL, a fully-owned subsidiary of ONGC, for supply of 1.1 million metric tonnes of petroleum products per year, with the total value of the deal estimated at $2 billion at current prices.

The products comprise jet fuel, gasoline, furnace oil and gas oil.

The Mauritian minister of commerce and industry, Showkuttaly Soodhun and India's petroleum minister Murli Deora witnessed the signing of the agreement.

The visiting minister also sought India's help in setting up a joint venture to establish and run a refinery at Mauritius.

This is the third time that Mauritius has come to India for supply of fuel. The first agreement for product supply agreement was signed in 2006, followed by a three-year-long deal in 2007.