Nepal seals fuel deal with China, ending 40 years of dependence on India

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Published: October 29, 2015 2:43:09 PM

Nepal has sealed a deal with China to import petroleum products from the northern neighbor, ending four decades of sole dependence on India for the supply of gasoline.

Nepal has sealed a deal with China to import petroleum products from the northern neighbor, ending four decades of sole dependence on India for the supply of gasoline.

According to The Himalayan Times, Nepal Oil Corporation (NOC) and China National United Oil Corporation (PetroChina), a state owned company signed a memorandum of understanding regarding supply of petroleum products from China to Nepal.

Joint Secretary Madhu Marasini at the Ministry of Finance, a member of the Nepali delegation said that it is a framework agreement between the two countries regarding the import of petroleum products from China.

However, the pricing is yet to be decided as many factors had to be put under consideration, he added.

Nepal is currently reeling under acute shortage of petroleum products after Madhes-based parties intensified their agitation in the wake of the promulgation of the new constitution on September 20 and obstructed the Nepal-India border.

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