March 2008

Mabanaft Founds Joint Venture for Bunker Business in India and Singapore

Matrix Marine Fuels L.P., a wholly owned subsidiary of Mabanaft, and Bharat Petroleum Corporation Limited (BPCL), an Indian government undertaking, sign an agreement to form a joint venture company. Matrix-Bharat Marine Services Pte. Ltd., based in Singapore, is set up to establish an international bunkering business in India and Singapore.

Bharat Petroleum Corporation Limited, Mumbai, is the second-largest marketing oil company in India and is engaged in the refining, storing, marketing and distribution of petroleum products, including bunkering of vessels. The joint venture company is thus able to draw on BPCL’s refining expertise to supply residual and distillate fuels (fuel oil, marine diesel oil, marine gasoil, cutter stock) for bunker supply.

The joint venture enters into a long-term commitment for the use of customized tanks and infrastructure at the Oiltanking Odfjell Terminal Singapore.