IndianOil plans $18 million investment in Mauritius

Saturday, 24 April 2004, 07:00 Hrs
Printer Print Email Email
NEW DELHI: Signalling the start of state-owned Indian Oil Corporation's commercial services in Mauritius, a 15,500-tonne capacity petroleum storage terminal has been formally inaugurated at Mer Rogue port.

The terminal is part of the $18 million investment planned by IndianOil in Mauritius through its wholly owned subsidiary, the company said in a statement issued here.

The terminal would enhance Mauritius' petroleum storage capacity by 20 percent.

Speaking on the inauguration function Friday, Mauritius Prime Minister Paul R. Bérenger said the foreign direct investment of IndianOil in various downstream facilities stood testimony to the confidence reposed by investors in India's economy.

He also hoped that the entry of IndianOil in the market, traditionally dominated by the existing multinationals, would infuse a healthy competition in terms of better pricing and enhanced customer experience.

Bérenger also welcomed the proposal of IndianOil Mauritius Ltd to set up a laboratory at the Mer Rouge Terminal, which would obviate the need for sending fuel samples outside the country for testing, as is being done currently.

"The $500,000 state-of-the-art laboratory facilities will be set up soon, which will have facilities to not only test jet fuel but also motor gasoline and gas oil," IndianOil chairman M.S. Ramachandran said.

Besides the terminal, "IndianOil Mauritius Ltd. also proposes to set up a network of 25 petrol stations in Mauritius in a phased manner besides participating in the aviation fuel and the marine bunker business," the Fortune 500 listed company said.

Ramachandran disclosed that the company would roll out its first petrol station in Mauritius by the middle of this year, which will be followed by nine more petrol stations in the first phase. In the second phase, 15 more petrol stations would be added.

IndianOil has already joined the existing consortium of suppliers of aviation fuel at the SSR International Airport and has garnered 20 percent market share of jet fuel supplies to Air Mauritius.

Source: IANS
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..