NATIONAL

IOC plans $18 m. investment in Mauritius

NEW DELHI, APRIL 23. The Indian Oil Corporation today launched an $ 18 million project in Mauritius for setting up a petroleum storage terminal and a network of 25 retail outlets in the island country. The terminal was inaugurated by the Mauritius Prime Minister, Paul R. B�renger, at a function at Mer Rouge Port in Mauritius.

According to an IOC release, the state-of-the-art microprocessor-controlled storage terminal with a capacity of 15,500 tonnes has been commissioned by IndianOil Mauritius Limited, a wholly-owned IOC subsidiary. The terminal forms part of IOC's $ 18 million investment plan in Mauritius. IndianOil Mauritius also proposes to set up a network of 25 petrol stations in that country in a phased manner besides taking part in the aviation fuel and marine bunker business.

Mr. Berenger said IOC's foreign direct investment in various downstream facilities in Mauritius stood testimony to the confidence reposed by investors in their economy. He hoped that the entry of IOC in the market, traditionally dominated by the existing multi-nationals, would infuse healthy competition.

He welcomed the proposal of IndianOil Mauritius to set up a state-of-the-art laboratory at the Mer Rouge Terminal, which would obviate the need for sending fuel samples outside the country for testing, as is the system currently.

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