MRPL to supply petroleum products to Mauritius for 3 more years

Mangalore Refinery & Petrochemicals Ltd (MRPL) a subsidiary of Oil & Natural Gas Corporation Ltd (ONGC) has announced that it will supply all petroleum requirements of Mauritius, for 3 more years. The one-year contract between MRPL and Mauritius’ State Trading Corporation (STC), signed in 2006, expires in July 2007. The new contract for 3 more years from August 2007 to July 2010, has been inked by MRPL’s Managing Director Mr. R Rajamani and STC's General Manager Mr. R S Soomarooah at New Delhi on July 06, 2007, in the august presence of Indian Minister of Petroleum & Natural Gas Mr. Murli Deora, the Mauritian Minister of Industry, Small and Medium Enterprises, Commerce and Cooperatives Dr. Rajesh Jeetah, High Commissioner of Mauritius in India Mr. M Choonee and CMD of the Company Mr. R S Sharma.

In June 2006, for the first time, STC of Mauritius finalized import of its entire petroleum product (Gasoline, Diesel, Jet Fuel, and Furnace Oil) requirement for the country from MRPL, adding to around 1 million tonne. Based on satisfactory experience over the year, the import arrangement has been extended for a further period of 3 years.

The products, imported by STC from MRPL, are sold to the local oil companies in Mauritius, viz. Shell (Mauritius), Total Mauritius Ltd, Caltex Oil (Mauritius) Ltd and IndianOil (Mauritius) Ltd.

Apart from STC of Mauritius, MRPL (accorded Mini Ratna status by the Government now) started exporting to other new markets in 2006-07 like Emirate National Oil Company of Dubai, aggregating to 1.5 million tonnes of liquid petroleum products.

Speaking after the signing of the contract, Chairman of MRPL Mr. R S Sharma said that notwithstanding hardening of international prices and ocean freight, ONGC-MRPL offers very competitive prices for the global market. Mr. Sharma further said that the 3-year agreement with STC, Mauritius, is a historic occasion in strengthening mutual economic cooperation between the two countries through respective state-owned organizations.

Source : Equity Bulls

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