India and Nepal have renewed the supply agreement between Indian Oil Corporation Ltd (IOCL) and Nepal Oil Corporation (NOC) for another five years.
The renewed agreement is an umbrella document between the two parties which apart from detailing the supply of petroleum, oil and lubricant products and also puts in place an institutional mechanism for cooperation in the areas of additional services and technical assistance between the two.
Supplies to Nepal from India have been meeting the petroleum product requirements since 1974.
Both countries are at present working toward further deepening engagement in the oil and gas sector, including construction of petroleum product Motihari-Amlekhgunj Pipeline.
The pipeline, once completed, would further ensure continuous and uninterrupted supply of products to Nepal.
