Indian Oil Corp, the country’s top refiner, is close to winning its first contract to export up to 720,000 tonnes of clean products to Mauritius under an annual deal from November, two sources familiar with the matter said.
IOC mostly stays away from participating in term tenders for fuel exports as the refiner sells most of its fuel in the local market, besides supplying its retail outlets in Nepal and Bhutan.
This year because of falling local demand due to Covid-19 and weak margins, the company is attempting to lock in sales of its fuels.
IOC this year also won its first contract to supply fuels to Bangladesh.
