02
Dec
India to build oil storage terminals in Mauritius
The MoU provides for the setting up of a joint venture company, conduct of a detailed feasibility study and cooperation in the marketing of petroleum products. The oil storage terminals are expected to help boost the opportunities of trade in petroleum products in the region and also improve the strategic supply of oil in Mauritius.
The project would cater for the re-export of petroleum products to the different islands across the Indian Ocean as well as to the African continent. The cost of the project is estimated at more than US$130mn.
Currently, Mauritius’ State Trading Corporation imports about 1.2mn tonnes of petroleum products, but has no storage tanks. Its total imports transits by only 186,000 tonnes of its reservoir capacity, which belongs mostly to the petroleum industry and the Central Electricity Board.
As part of the MoU, the setting up of floating storage is also being considered by potential operators as a temporary arrangement until ground oil reservoirs are available so as to support the development of Port Louis into a petroleum hub.
Mangalore Refinery and Petrochemicals Limited, subsidiary of India’s oil exploration company Oil and Natural Gas Corporation, operates a refinery of 15mn tonnes per year in southern India. IOC owns and operates more than 130 terminals across India and abroad.
Source: http://www.oilreviewafrica.com/index.php?option=com_content&view=article&id=11923:india-to-build-oil-storage-terminals-in-mauritius&catid=1081&Itemid=81