India and Mauritius have exchanged a Government-to-Government (G2G) Memorandum of Understanding (MoU) for cooperation in Oil and Gas sector, alongside a long-term Sales and Purchase agreement between Indian Oil Corporation Ltd (IOCL) and the State Trading Corporation (STC) of Mauritius for supply of petroleum products.
Under the agreement, IOCL will supply the entire import requirement of Mauritius of Motor Spirit (MS), High Speed Diesel (HSD) and Aviation Turbine Fuel (ATF).
The MoU between the two countries institutionalises the longstanding energy partnership between the two countries, covering petroleum products supply, training and capacity building for Mauritian officials and biofuels cooperation.
The five-year agreement between IOCL and STC is an assured long-term supply commitment to Mauritius, providing the country with security of supplies and shielding it from price volatility. Moreover, This is the first long-term supply agreement concluded by an Indian PSU Oil Marketing Company outside South Asia in recent years.
The agreement also supports cooperation in biofuels through the exchange of knowledge, research and training.
Furthermore, Hardeep Singh Puri participated in the groundbreaking ceremony of India Oil (Mauritius) Ltd’s 27.5 TMT bunker marine fuel storage facility at Mer Rouge, Port Louis during his visit to Mauritius from August 20-21.
During his visit, Puri and Mauritius’ Minister of Energy and Public Utilities Patrick Gervais Assirvaden jointly witnessed the launch of the Biofuels Country Landscape Policy framework, developed as part of the GBA Secretariat’s country engagement programme with Mauritius’ Ministry of Energy and Public Utilities.
