IndianOil inks POL supply agreement with Nepal Oil Corporation -Governance Now

IndianOil inks POL supply agreement with Nepal Oil Corporation

The supply agreement will meet NOC’s full requirements of all the major POL products, including petrol, diesel, kerosene, aviation turbine fuel and LPG

GN Bureau | March 29, 2017

#POL #PSU #IndianOil #LPG

A memorandum of understanding for supply of petroleum, oils, and lubricants (POL) products was signed between Indian Oil Corporation Limited (IndianOil) and Nepal Oil Corporation (NOC) in the presence of petroleum minister Dharmendra Pradhan.

The new supply agreement was inked by PK Das, executive director (supplies), IndianOil, and Gopal Bahadur Khadka, managing director, NOC.

Supply of POL and LPG products from IndianOil to Nepal Oil Corporation started in 1974 when the first supply agreement was signed. Thereafter, the agreement was renewed periodically. The supply agreement signed today is for the period April 2017 - March 2022 and will meet NOC’s full requirements of all the major POL products, including petrol, diesel, kerosene, aviation turbine fuel and LPG.

The new agreement is based on the concept of “Umbrella Agreement” by keeping the provisions of future MoUs / Agreements subsidiary to this. A provision has been kept for collaboration in new fields like engineering, projects, aviation fuelling, retail sales, petrochemicals, business developments and LPG ventures.

The salient features of the new supply agreement include, release of BS-IV grade fuels to Nepal from IndianOil supply points with effect from 1st April 2017 to convert Nepal markets to the green fuel and meeting the major requirements of POL products of Nepal by pipeline after the laying of the Patna-Motihari-Amlekhganj Pipeline. This pipeline will have the flexibility to receive products from IndianOil's Barauni & Haldia refineries.

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