IOC Signs Five-Year Deal to Supply Petroleum Products to Mauritius

Indian Oil Corporation Ltd (IOC) has signed a five-year agreement to supply petroleum products to Mauritius, deepening cooperation in the oil and gas sector between the two nations. The long-term sales and purchase agreement with Mauritius's State Trading Corporation will provide assured fuel supplies to the island nation and shield it from price volatility.

The agreement covers the supply of petrol, diesel, and aviation turbine fuel, as well as training and capacity building for Mauritian officials and cooperation in biofuels. It is the first long-term supply agreement signed by an Indian PSU oil marketing company outside South Asia in recent years.

India seeks to expand its role as a supplier of refined petroleum products in the Indian Ocean region. With 23 refineries and combined annual refined petroleum products output of around 267 million tonnes, India is a net exporter of petroleum products, already meeting the demand of Nepal and Bhutan and supplying refined products to several other countries.

The agreement comes as part of India's efforts to increase its presence in the region. The MoU on biofuels provides for exchange of knowledge and cooperation in research and training between the two nations.