India and Nepal sign B2B agreement to enhance petroleum infrastructure

09 Oct 2024 CW Team

In a significant advancement for the India-Nepal energy partnership, the Indian Oil Corporation (IOC) signed a business-to-business (B2B) framework agreement with the Nepal Oil Corporation (NOC). This collaboration aims to improve energy security and optimise petroleum logistics, particularly in challenging hilly terrains.

Pankaj Jain, Secretary of the Ministry of Petroleum and Natural Gas, emphasised the importance of IndianOil’s role in these projects, noting that their timely execution will further strengthen bilateral relations.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, highlighted on X that this partnership will enhance petroleum infrastructure, reduce costs, and bolster supply security for the citizens and economy of Nepal, aligning with Prime Minister Narendra Modi’s vision of Vasudhaiva Kutumbakam.

The framework agreement includes plans to extend the existing petroleum pipeline to Chitwan, construct a new pipeline from Siliguri to Jhapa, and build two terminals to connect key demand centers in Jhapa and Chitwan, underscoring a commitment to a robust partnership.

Earlier this month, Minister Puri recognised IOC's substantial contributions and wished the organisation continued success. He praised IOC's efforts in shielding Indian citizens from global fuel price hikes over the past three years, affirming the dedication of nearly 30,000 IOC employees and their extended workforce in propelling India toward becoming the third-largest economy. (ET)

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