A Memorandum of Understanding (MoU) has been signed to develop storage terminals on the island of Mauritius.
According to reports, the State Trading Corporation, Indian Oil and Mangalore Refinery and Petrochemicals signed the MoU in Port Louis at the end of November.
The MoU provides a platform to establish a joint venture company and carry out a feasibility study for the project. It will also result in a consideration of developing floating storage capacity.
The new terminals will help develop Mauritius into a petroleum hub, which will ship products to various islands in the Indian Ocean and to Africa. The project is estimated to cost in the region of $130 million (€24 million).