World News
India Extends $500M Credit to Mauritius For Bunkering Facility, Petroleum Storage
Friday March 13, 2015
India has offered Mauritius a $500 million line of credit to build petroleum storage and a bunkering facility, Indian media reports.
The credit was extended during Indian Prime Minister Narendra Modi's visit to the island nation, which also saw the signing of five pacts, including one on ocean economy.
In exchange, Mauritius will cooperate on exchanging tax information.
"I consider our security cooperation to be a cornerstone of our strategic partnership," said Modi.
"Our agreement on cooperation in Ocean Economy is an important step in deepening our scientific and economic partnership."
It was reported late last year that Mauritius is currently seeking to gain a larger share of the Indian Ocean bunker market.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 530.50 | 5.00 | 692.50 | 4.00 |
| Rotterdam | 520.50 | 7.00 | 723.00 | 0.50 |
| Houston | 497.00 | 3.00 | 703.00 | 1.50 |
| Fujairah | 522.00 | 1.50 | 734.00 | 11.50 |
| Global 20 Ports Average | 557.50 | 2.00 | 785.50 | 1.50 |
| Global 4 Ports Average | 517.50 | 4.00 | 713.00 | 2.50 |
| Global Average Bunker Price | 595.00 | 0.00 | 824.00 | 1.00 |
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