Financial Daily from THE HINDU group of publications
Thursday, May 11, 2006
Financial Daily from THE HINDU group of publications Thursday, May 11, 2006 |
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Corporate
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Announcements Industry & Economy - Petroleum MRPL to export petro products to Mauritius Our Bureau
New Delhi , May 10 Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of ONGC, will be exporting petroleum products to Mauritius. In a statement issued here, ONGC said the State Trading Corporation of Mauritius had finalised import of its entire petroleum product requirement (gasoline, diesel, jet fuel, and furnace oil) for the country, aggregating to approximately one million tonnes from India, for a period of one year.
Import from India
MRPL will be supplying the entire quantity from August 2006 the statement said adding that this is the first time that Mauritius will be importing petroleum products from India. ONGC had earlier entered into a memorandum of understanding for oil and gas exploration in Mauritius, and preparatory actions have been initiated. MRPL has been stepping up product exports to sustain continued operation of the refinery at the rate of 125 per cent of the rated capacity, which it claims is the highest in India. In 2005-06, MRPL's export earnings nearly doubled to 92 per cent year-on- year. Mr Subir Raha, Chairman and Managing Director ONGC and Chairman, MRPL, said despite hardening of international prices and ocean freight, very attractive and competitive prices have been offered by ONGC-MRPL, and therefore, Mauritius will benefit as compared to its current import arrangements.
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