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March 10: In the verge of end of fuel purchase deal between Indian Oil Corporation (IOC) and Nepal Oil Corporation (NOC) regarding fuel import, a new draft of the agreement has been prepared. The agreement which took place five years ago is valid till March. The new draft also contains a provision that makes the country import 100 per cent fuel from India. However, a provision giving Nepal freedom to import fuel from any third country if IOC fails to deliver the fuel as per demand has also been included in the new draft. NOC that import fuel only from the Indian corporation has obtained IOC approval to import fuel from the third country as well.
The new draft also include a mechanism where IOC will not only provide ‘no objection’ letter to NOC but will also process the crude oil if Nepal imports fuel from the third country, informed the domestic corporation. Moreover, the neighboring country will also give access to its infrastructure if Nepal purchases crude oil from the third country, according to the new draft. “Similarly, the draft also contain a provision that states if Nepal purchase crude oil from any third country, India will provide its refinery on lease to process the oil,” said Sita Ram Pokharel, Chief of Distribution Department of NOC. He also clarified that it has been agreed that India will easily provide ‘no objection’ letter to NOC if it starts its own refinery in the country.
According to the NOC , after a long discussion between high officials of both corporations, the agreement got its final structure. As per a source, the draft also contain a provision that said the current new draft will not restrict in operating refinery in Nepal and IOC will supply 100 per cent fuel meeting the demand of Nepal. The draft finalised the issue of renewing fuel purchase agreement for next five years. The new agreement will come into effect from coming April to March 31, 2022.
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'content' => '<p style="text-align: justify;">March 10: In the verge of end of fuel purchase deal between Indian Oil Corporation (IOC) and Nepal Oil Corporation (NOC) regarding fuel import, a new draft of the agreement has been prepared. The agreement which took place five years ago is valid till March. The new draft also contains a provision that makes the country import 100 per cent fuel from India. However, a provision giving Nepal freedom to import fuel from any third country if IOC fails to deliver the fuel as per demand has also been included in the new draft. NOC that import fuel only from the Indian corporation has obtained IOC approval to import fuel from the third country as well.</p>
<p style="text-align: justify;">The new draft also include a mechanism where IOC will not only provide ‘no objection’ letter to NOC but will also process the crude oil if Nepal imports fuel from the third country, informed the domestic corporation. Moreover, the neighboring country will also give access to its infrastructure if Nepal purchases crude oil from the third country, according to the new draft. “Similarly, the draft also contain a provision that states if Nepal purchase crude oil from any third country, India will provide its refinery on lease to process the oil,” said Sita Ram Pokharel, Chief of Distribution Department of NOC. He also clarified that it has been agreed that India will easily provide ‘no objection’ letter to NOC if it starts its own refinery in the country.</p>
<p style="text-align: justify;">According to the NOC , after a long discussion between high officials of both corporations, the agreement got its final structure. As per a source, the draft also contain a provision that said the current new draft will not restrict in operating refinery in Nepal and IOC will supply 100 per cent fuel meeting the demand of Nepal. The draft finalised the issue of renewing fuel purchase agreement for next five years. The new agreement will come into effect from coming April to March 31, 2022. </p>
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<p style="text-align: justify;">The new draft also include a mechanism where IOC will not only provide ‘no objection’ letter to NOC but will also process the crude oil if Nepal imports fuel from the third country, informed the domestic corporation. Moreover, the neighboring country will also give access to its infrastructure if Nepal purchases crude oil from the third country, according to the new draft. “Similarly, the draft also contain a provision that states if Nepal purchase crude oil from any third country, India will provide its refinery on lease to process the oil,” said Sita Ram Pokharel, Chief of Distribution Department of NOC. He also clarified that it has been agreed that India will easily provide ‘no objection’ letter to NOC if it starts its own refinery in the country.</p>
<p style="text-align: justify;">According to the NOC , after a long discussion between high officials of both corporations, the agreement got its final structure. As per a source, the draft also contain a provision that said the current new draft will not restrict in operating refinery in Nepal and IOC will supply 100 per cent fuel meeting the demand of Nepal. The draft finalised the issue of renewing fuel purchase agreement for next five years. The new agreement will come into effect from coming April to March 31, 2022. </p>
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<p style="text-align: justify;">The new draft also include a mechanism where IOC will not only provide ‘no objection’ letter to NOC but will also process the crude oil if Nepal imports fuel from the third country, informed the domestic corporation. Moreover, the neighboring country will also give access to its infrastructure if Nepal purchases crude oil from the third country, according to the new draft. “Similarly, the draft also contain a provision that states if Nepal purchase crude oil from any third country, India will provide its refinery on lease to process the oil,” said Sita Ram Pokharel, Chief of Distribution Department of NOC. He also clarified that it has been agreed that India will easily provide ‘no objection’ letter to NOC if it starts its own refinery in the country.</p>
<p style="text-align: justify;">According to the NOC , after a long discussion between high officials of both corporations, the agreement got its final structure. As per a source, the draft also contain a provision that said the current new draft will not restrict in operating refinery in Nepal and IOC will supply 100 per cent fuel meeting the demand of Nepal. The draft finalised the issue of renewing fuel purchase agreement for next five years. The new agreement will come into effect from coming April to March 31, 2022. </p>
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