India Signs Five-Year Deal with Mauritius to Secure Energy Supply
The Indian government has announced that it has signed a five-year agreement with Mauritius to provide long-term supply commitments and shield the country from price volatility. This deal marks the first such agreement between an Indian PSU oil marketing company and a foreign country outside of South Asia in recent years.
Under the pact, Indian Oil Corporation Limited (IOCL) will supply Mauritius' entire import requirement of Motor Spirit, High Speed Diesel, and Aviation Turbine Fuel. This move is seen as a strategic step for India to establish itself as a reliable energy security provider in the region.
The agreement was signed during Petroleum and Natural Gas Minister Hardeep Singh Puri's visit to Mauritius this week. According to the government, India has emerged as a major global refining hub, with an annual output of 267 MMT of refined petroleum products across 23 refineries, making it a net exporter of refined products.