Indian Oil nears first Mauritius fuels export deal: Report – Times of India

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NEW DELHI: Indian Oil Corp (IOC), the nation’s prime refiner, is near successful its first contract to export as much as 720,000 tonnes of unpolluted merchandise to Mauritius underneath an annual deal from November, two sources accustomed to the matter mentioned.
IOC principally stays away from taking part in time period tenders for gasoline exports because the refiner sells most of its gasoline within the native market, apart from supplying its stores in Nepal and Bhutan.
This 12 months due to falling native demand because of COVID-19 and weak margins, the corporate is making an attempt to lock in gross sales of its fuels.
IOC this 12 months additionally gained its first contract to produce fuels to Bangladesh.
IOC will ship 205,000 tonnes of 95 RON gasoline, 235,000 tonnes of 10 ppm gasoil, 175,000 tonnes of jet gasoline and as much as 105,000 tonne of marine gasoil at Port Louis in Mauritius, sources mentioned.
Different corporations that competed for the tender issued by State Buying and selling Corp of Mauritius had been the buying and selling arm of France’s Whole, Sahara Vitality Assets Ltd, OQ Buying and selling and Vitol, in line with a doc seen by Reuters.
India’s Mangalore Refinery and Petrochemicals Ltd provided Mauritius’ full requirement for gasoline for 12 years to 2018-19. In 2019-20 refined fuels had been provided by Petrochina and Vitol.
IOC had positioned a second lowest premium on gasoline after OQ Buying and selling however the lowest premiums on different fuels to emerge because the frontrunner for the annual tender, the doc confirmed.
IOC has provided to promote fuels at premiums of $50.15 per tonne for gasoline, $3.58 per barrel for gasoil, $3.22 per barrel for jet gasoline and $5.91 per barrel for marine gasoil, the doc confirmed.
The tender closed final week.

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