India has signed a three-year agreement to export fuel worth $2 billion to Mauritius and also agreed to look into the possibility of setting up a refinery in the Island nation.
The agreement was signed by Mangalore Refinery and Petrochemical Limited (MRPL) Managing Director, U.K. Basu and Mauritius State Trading Corporation General Manager Ranjit Singh Soomarooah. It was agreed that MRPL would export 1.1 million tonnes of auto fuels, jet fuel and furnace oil annually for three years. Mauritius would buy one lakh tonnes of petrol, 3.50 lakh tonnes of diesel and 2.70 lakh tonnes of jet fuel annually for three years beginning August 1, Mr. Soomarooah said during the signing ceremony. Mauritius' Minister of Commerce and Industry Showkutally Soodhun invited MRPL and its parent firm Oil and Natural Gas Corporation for a 50:50 joint venture to set up the Island nation's maiden refinery.
“We will certainly consider participating in the project as and when Mauritius firms it up,'' Mr. Basu said.
