Indian Oil Corporation close to win its first export deal with Mauritius

The country’s top refiners Indian Oil Corporation , is so close to winning its first contract with Mauritius to export up to 720,000 tonnes of clean products under an annual deal from November, said two sources in link with the matter.IOC stays away from participating in term tenders for fuel exports as the refiner sells most of its fuel to the  local market, besides supplying its retail outlets in Nepal and Bhutan.

Participated this year  because of decline of  local demand due to coronavirus and weak margins, the company is in attempt to lock in sales of its fuels.

This year IOC also won its first contract to supply the fuels to Bangladesh.

IOC will deliver 205,000 tonnes of 95 RON gasoline, 235,000 tonnes of 10 ppm gasoil, 175,000 tonnes of jet fuel and up to 105,000 tonne of marine gasoil at Port Louis in Mauritius, said sources.

The other companies that competed with IOC including the trading arm of France’s Total , Sahara Energy Resources Ltd, OQ Trading and Vitol for the tender issued by State Trading Corp of Mauritius ,as per the document seen by Reuters.

India’s Mangalore Refinery and Petrochemicals Ltd supplied Mauritius’ entire  requirement for fuel for 12 years to 2018- 19. Refined fuels were supplied by Petrochina and Vitol in 2019- 20

Indian Oil Corporation had placed a second lowest premium on gasoline after the OQ Trading but the lowest premiums on other fuels to emerge as the frontrunner for the annual tender, the document also showed.

IOC has offered to sell fuels at premiums of $50.15 per tonne for gasoline, $3.58 per barrel for gasoil, $3.22 per barrel for jet fuel and $5.91 per barrel for marine gasoil, showed document .


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