New Delhi, August 22: India has bolstered its energy partnership in the Indian Ocean region by signing a significant long-term fuel supply agreement with Mauritius. According to the central government, the five-year deal between Indian Oil Corporation Limited (IOCL) and Mauritius State Trading Corporation (STC) will ensure a steady fuel supply for Mauritius and protect it from fluctuations in international market prices.
The agreement was signed during the visit of Union Minister for Petroleum and Natural Gas Hardeep Singh Puri to Mauritius this week. The government has described this as the first long-term fuel supply agreement made by an Indian public sector oil marketing company outside South Asia in recent years.
An official statement from the Ministry of Petroleum noted that this agreement positions India as a key and reliable fuel supplier for Mauritius, further strengthening India’s strategic and economic presence in the Indian Ocean region.
Under this agreement, Indian Oil will meet all of Mauritius’s import needs for petrol, high-speed diesel, and aviation turbine fuel, providing the island nation with long-term supply stability and reducing the impact of global energy market volatility.
The government highlighted that India has become one of the world’s leading petroleum refining centers. With 23 refineries, the country produces approximately 267 million metric tons of refined petroleum products annually, making India a net exporter of these products.
India already fulfills a significant portion of the petroleum needs of Nepal and Bhutan and supplies fuel to other countries in the region. The ministry emphasized that even during ongoing crises in West Asia, India has honored its supply commitments to Nepal and Bhutan, enhancing its reputation as a reliable energy security partner.
The memorandum of understanding signed between the two countries extends beyond fuel supply. It also promotes cooperation in training, capacity building, and the biofuels sector. Indian experts will assist Mauritian officials with technical training and skill development.
According to the ministry, both countries will enhance collaboration in the biofuels sector through knowledge sharing, research, and training. Mauritius is a founding member of the global biofuels alliance, initiated by India during its G-20 presidency.
Additionally, the global biofuels alliance secretariat is working with Mauritius’s Ministry of Energy and Public Utilities to develop a biofuels policy framework for the country.
Leave a Comment