Great Eastern wins Rs265 crore deal

Great Eastern wins Rs265 crore deal
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First Published: Fri, Apr 03 2009. 10 27 PM IST
Updated: Fri, Apr 03 2009. 10 27 PM IST
Bangalore: The country’s biggest private ocean carrier company, Great Eastern Shipping Co. Ltd, has won a $53 million (Rs266.6 crore) deal from Mangalore Refinery and Petrochemicals Ltd (MRPL) to ship crude oil from Iran and Saudi Arabia.
State-owned MRPL, a subsidiary of the country’s biggest oil explorer, Oil and Natural Gas Corp. Ltd, has secured a 13% reduction in freight rate for shipping the crude in the new 11-month contract starting May compared with an existing deal the refinery has with Mercator Lines Ltd.
The contract, finalized earlier this week, involves eight shipments in a month with each shipment bringing 85,000-90,000 tonnes of crude oil to the refinery in Mangalore, said an MRPL executive who declined to be named because of a company policy on speaking with the media. A spokesperson for Great Eastern Shipping declined comment.
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First Published: Fri, Apr 03 2009. 10 27 PM IST