KATHMANDU, May 11: Nepal Oil Corporation (NOC) has agreed to enter into a partnership with Indian Oil Corporation (IOC) to jointly operate petrol pumps in different parts of the country.
According to the Ministry of Supply (MoS), IOC will soon conduct a study on operating petrol pumps in Nepal. "The process to operate petrol pumps as a joint venture between NOC and IOC has already begun. But formal agreement is yet to be signed," Surya Prasad Shrestha, the spokesperson for MoS, said.
However, an official of NOC said that the two sides have only reached an agreement in principle to jointly operate petrol pumps. It agreement will be formalized only after the government gives its go-ahead, the official added.
The NOC official further added that NOC and IOC will have 51 percent and 49 percent of shares, respectively, in the new venture.
There are around 1,400 petrol pumps across the country.
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