Page 65 - Policy Economic Report -August 2026

POLICY AND ECONOMIC
OIL & GAS MARKET

officials and biofuels cooperation. The five-year agreement between IOCL and STC is an assured long-
term supply commitment to Mauritius, providing the country with security of supplies and shielding
it from price volatility. This is the first long-term supply agreement concluded by an Indian PSU Oil
Marketing Company outside South Asia in recent years.

During the visit, Minister also held productive bilateral meetings with Hon’ble Patrick Gervais
Assirvaden, Minister of Energy and Public Utilities, Hon’ble John Michaël Tzoun Sao Yeung Sik Yuen,
Minister of Commerce and Consumer Protection and Hon’ble Dhananjay Ramful and Minister of
Foreign Affairs, Regional Integration and International Trade. He participated in a ground breaking
ceremony of India Oil (Mauritius) Ltd’s 27.5 TMT bunker marine fuel storage facility at Mer Rouge,
Port Louis.

India's growing role as a dependable energy partner

India has emerged as a major global refining hub, with an annual output of 267 MMT of refined
petroleum products across 23 refineries, making it a net exporter of refined products. India already
meets the petroleum demand of Nepal and Bhutan and supplies significant quantities to other
countries in the region and beyond. Even during the ongoing West Asia crisis, India has fulfilled its
supply commitments to Nepal and Bhutan, making it a dependable energy security provider for the
region. The agreement with Mauritius positions India as the country's anchor fuel supplier and
strengthens India's strategic and economic footprint in the Indian Ocean region.

MoU also extends cooperation in biofuels

The MoU further provides for cooperation in biofuels through exchange of knowledge, research and
training. Mauritius is a founding member of the Global Biofuels Alliance (GBA), an initiative piloted by
India and launched during India's G20 Presidency. As part of its country engagement programme, the
GBA Secretariat has partnered with Mauritius' Ministry of Energy and Public Utilities in developing a
Biofuels Country Landscape Policy framework for the country.

Minister Puri and Hon’ble Patrick Gervais Assirvaden jointly witnessed the launch of the Biofuels
Country Landscape Policy framework on August 21, marking a starting point for Mauritius in exploring
its energy transition through biofuels.

6. India Hosted Eighth BRICS Youth Energy Summit 2026 under its BRICS Chairship

India hosted the Eighth BRICS Youth Energy Summit 2026 virtually on 17 August 2026 under its BRICS
Chairship. The Summit brought together more than 100 participants, including young energy
professionals from academia, government institutions, and the energy ministries of the BRICS
Member Countries. Representatives of the BRICS Youth Energy Agency (BRICS YEA), as well as
international organizations including Sustainable Energy for All (SEforALL), the International Solar

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