Nepal Oil Corporation to pay Rs.500 million to Indian Oil Corporation

July 29th, 2008 - 6:28 pm ICT by ANI  

Kathmandu, July 29 (ANI): The Nepal Oil Corporation (NOC) today decided to pay Rs 500 million to Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, in a bid to end a worsening fuel crisis.
Out of the Rs.one billion to be paid as per the previous announcement, the state-owned Nepal Oil Corporation is set to pay 50 per cent to the Indian Oil Corporation.
The remaining fifty percent of the amount would be submitted by the first week of August, Kantipur quoted Director at NOC Digamber Jha, as saying.
Currently, only 25 percent of the total demand for 83,000 kilo liters of fuel is being bought in the country.
The Nepal Oil Corporation has already paid about Rs. 1 billion 760 million in installments in July this year.
Fuel supply has been compromised owing to the Nepal Oil Corporation delivering less quantity of petroleum products. (ANI)

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