Indian Oil Corporation (IOC) has signed a long-term agreement with the State Trading Corporation (STC) of Mauritius, under which IOC will ensure the entire import of motor spirit (MS), high-speed diesel (HSD), and aviation turbine fuel (ATF) for the country.
The signing ceremony took place in the presence of India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, and the Prime Minister of Mauritius, Navin Chandra Ramgoolam. Puri was in Mauritius as part of a two-day visit that began on August 20.
The Ministry of Petroleum and Natural Gas stated in its release that the five-year agreement between Indian Oil Corporation and STC guarantees long-term supplies to Mauritius, ensuring stable supply and protection against price fluctuations for the nation.
This contract is the first long-term agreement signed by the Indian state-owned oil marketing company outside of South Asia in recent years. This agreement strengthens India's strategic and economic presence in the Indian Ocean region, positioning India as a primary fuel supplier for Mauritius.
The Ministry of Petroleum also noted that India has become a major global refining hub, producing 267 million metric tons of refined petroleum products annually across 23 refineries, making it a net exporter of refined products. Furthermore, India already meets the fuel needs of Nepal and Bhutan and supplies significant volumes to other countries in and outside the region, fulfilling its commitments even during the Middle East crisis.
During his visit, Puri held bilateral meetings with Patrick Gervais Assirvaden, Minister of Energy and Utilities; John Michael Tsung Sao Yun Sik Yuen, Minister of Trade and Consumer Protection; and Dhandanaj Ramful, Minister of Foreign Affairs, Regional Integration, and International Trade. Puri also participated in the groundbreaking ceremony for a 27,500 metric ton marine bunker fuel storage facility by Indian Oil (Mauritius) Ltd in Port Louis.