On November 27, Mauritius signed a Memorandum of Understanding (MoU) to develop oil storage terminals to facilitate the growth of the country’s oil trade industry, allAfrica reported.
The State Trading Corporation, the Indian Oil Corporation Ltd and the Mangalore Refinery and Petrochemicals Ltd signed the MoU in Port Louis, initiating a ‘joint venture company’ to boost oil trade in the region, allAfrica reported.
The Minister of Industry, Commerce and Consumer Protection, Mr Cader Sayed-Hossen and the High Commissioner of India in Mauritius, Mr. Anup Kumar Mudgal was among those present at the signing.
The MoU includes conducting a feasibility study which supports the country’s objective of becoming the regions ‘Petroleum Hub’ which will re-export petroleum products to various locations across the continent.
With an estimated cost of US$130 million, the project is expected to support local content and job creation.
With the current import estimated at 1.2 million tonnes of petroleum there are no storage facilities, allAfrica reported.
Operators are looking at floating storage as a possibility until the ground oil reservoirs are able to contribute to the development of the country becoming a ‘Petroleum Hub’, allAfrica reported.
(Pic Credits: rfaglobal.com; Texas Allied Petroleum)