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MRPL Signs 2 Billion USD Product Supply Agreement with STC Mauritius

Thursday, July 01, 2010

Mangalore Refinery & Petrochemicals Ltd, (MRPL) a mini-ratna subisidary company of ONGC, today inked an agreement with State Trading Corporation, Mauritius for supply of liquid petroleum products amounting to 1.1 MMT per annum valued at 660 million USD at current fuel prices. The products comprising Jet A1 (ATF) MoGas i.e MS (95 RON) , GasOil i.e HSD and Furnace Oil ( three grades) will be supplied for a period of 3 years and the total value of this deal at current prices is 2 billion USD.

The agreement was signed by Shri U K Basu, Managing Director, MRPL and Mr Soomarooah, General Manager, STC in presence of Mr Showkutally Soodhun, Minister of Commerce & Industries, Republic of Mauritius and Shri Murli Deora, Minister for P&NG, GoI, Shri Jitin Prasada, Minister of State for P&NG, GoI, Mr Khemraj Jingree, Deputy Head Mauritius Mission in India, Shri S Sundareshan, Secretary P&NG, GoI and Shri R S Sharma, Chairman, ONGC Group of Companies.

Speaking on the occasion Mr Showkutally Soodhun sought Indian assistance to build their self reliance in Petroleum in the form of a JV that will set up and run a refinery at Mauritius. He called for further expansion of cooperation.

Shri Murli Deora while complimenting STC and MRPL, asked MRPL to ensure that there is uninterrupted supply of fuels as per contract and all products are delivered on spec and on time. Shri Deora said that the ONGC group of companies through MRPL and Indian Oil’s IOC Mauritius are doing well to expand the cooperation.

Shri Jitin Prasada remarked that the 3 year product supply agreement has further cemented the bond between the two Nations. Shri Sundareshan highlighted the fact that this was a case of a satisfied customer coming back again and again for more.

It may be recalled that in 2006 that the State Trading Corporation Mauritius, after scouting the market, entered into the Product Supply agreement with MRPL for a period of one year for Gasoil, Jet A1, MOGas and FO and renewed it again for 3 years in July 2007, due to the consistent and reliable service provided by MRPL. For the third consecutive time STC has now come back to India and MRPL for all of its fuel requirements.

Shri R S Sharma , Chairman ONGC Group of companies welcomed the august gathering. Present on the occasion were senior officials from Ministry of Petroleum and Natural Gas, GoI, the Board members of ONGC and several top officials from MRPL. 

The Union Minister for Petroleum and Natural Gas, Shri Murli Deora and the Minister of Commerce & Industries
of Mauritius, Mr. Showkut Ally Soodun, in a meeting, in New Delhi on July 01, 2010.

The Managing Director, MRPL, Shri U.K. Basu and the General Manager, STC, Mr. Soomarooah exchanging 
the signed documents of the agreement between MRPL and STC, in the presence of Union Minister for 
Petroleum and Natural Gas, Shri Murli Deora and the Minister of Commerce & Industries of Mauritius,
Mr. Showkut Ally Soodun, in New Delhi on July 01, 2010. 

The Union Minister for Commerce and Industry, Shri Anand Sharma with the Minister of Industry and Commerce, 
Mauritius, Mr. Showkutally Soodhun, in a bilateral meeting, in New Delhi on June 30, 2010.
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