Deepening ties with its friendly neighbour, India on Monday renewed its commitment to supply petroleum products to Nepal for another five years.
The supply agreement between India’s largest oil marketing PSU, IndianOil and Nepal Oil Corp was renewed till March 2022 as part of its commitment to a neighbour to whom IndianOil has been supplying petroleum products since 1974.
Union Minister of State (I/C) for Petroleum and Natural Gas, Dharmendra Pradhan met Deepak Bohara, Minister of Supplies of Nepal in New Delhi on Monday and witnessed the renewal of this Supply Agreement between Indian Oil Corporation Ltd (IOCL) and Nepal Oil Corporation (NOC).
The renewed Agreement is an umbrella document between the two parties which apart from detailing the supply of POL products, also puts in place an institutional mechanism for cooperation in the areas of additional services and technical assistance between the two.
Both Ministers congratulated IOCL and NOC on signing of the Supply Agreement. They expressed confidence that it would lead to further engagements in the hydrocarbon sector between the two countries and make it one of the important areas of bilateral relationship between India and Nepal.
India and Nepal relations are characterized by open borders, integrated economies and deep-rooted people-to-people contacts of kinship and culture. In the hydrocarbon sector, India has the record of un-interrupted supply of petroleum products to Nepal. Indian Oil Corporation Limited (IOCL),
During his discussions with Mr Bokhara, minister Pradhan assured India’s continued support to Nepal for its Hydrocarbon requirement.
— Indian Oil Corp Ltd (@IndianOilcl) March 27, 2017
During the meeting, Pradhan assured India’s continued support to Nepal in meeting its complete hydrocarbon requirement. The Minister discussed various issues of mutual interest with Mr Deepak Bohara, including the status of Motihari – Amlekhgunj petroleum product pipeline. He highlighted that the pipeline once completed will further ensure continuous and uninterrupted supply of products to Nepal. Both Ministers also discussed on construction of a similar pipeline for supply of LPG between India and Nepal.
Pradhan also assured Indian to assistance Nepal in implementation of Ujjwala Yojna. Pradhan emphasized the benefits of Pradhan Mantri Ujjwala Yojna (PMUY) to his Nepalese counterpart and recommended its implementation in Nepal.
He said that India will assist Nepal in the implementation of Ujjwala Yojna by sharing its experience and expertise. He also reiterated India’s commitment towards meeting the entire hydrocarbon requirements of Nepal and assisting the country in building required hydrocarbon infrastructure.
Latest posts by Team EnergyInfraPost (see all)
- BHEL Net Profit up by 51%; 100% Dividend DeclaredRenewed Thrust on Diversification to Drive Next Wave of Growth - September 20, 2019
- Essar Shipping recognised by US Coast Guard’s AMVER Award Programme - August 29, 2019
- Robust Q1 ushers Essar Ports closer to 60 MT cargo handling target - August 22, 2019