MRPL inks pact with STC Mauritius.
MANGALORE: Mangalore Refinery and Petrochemicals Ltd, (MRPL), a subsidiary company of ONGC, on Thursday inked an agreement with State Trading Corporation (STC), Mauritius, for supply of liquid petroleum products amounting to 1.1 million metric tonnes (MMT) per annum valued at US $660 million at current fuel prices.
The products comprising Jet ATF, high speed diesel and furnace oil will be supplied for a period of three years and the total value of this deal at current prices is US $2 billion.
The agreement was signed by U K Basu, managing director, MRPL and Soomarooah, general manager, STC, in the presence of Showkuttaly Soodhun, minister of commerce and industries, Republic of Mauritius and Murali Deora, minister for petroleum and natural gas, R S Sharma, chairman, ONGC Group of Companies and others at New Delhi.
Speaking on the occasion Showkuttaly Soodhun, sought the help of India to build their self reliance in petroleum in the form of a JV that will set up and run a refinery at Mauritius.
Jitin Prasada, minister of state, remarked that the three year product supply agreement has further cemented the bond between the two nations and while inviting Soodhun for Petrotech 2010, Prasada commented that this would provide an opportunity to better understand the expectations of Mauritius and further strengthen the relations between the two Nations. Complimenting STC and MRPL, Shri Prasada urged MRPL to ensure that there is uninterrupted supply of fuels as per contract and all products are delivered on time.
It maybe recalled that in 2006, STC after scouting the market, entered into the Product Suppply agreement with MRPL for a period of one year for Gasoil, Jet ATF, HSD and furnace oil and renewed it again for three 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. This agreement will be effective from August 2010.
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