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Nepal-China sign MoU on fuel imports

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Kathmandu: Nepal on Wednesday signed an MoU with Petro China in order to import all kinds of fuel from China, ending a long-held monopoly of buying fuel from the Indian Oil Corporation (IOC).

Nepal Oil Corp (NOC) and Petro China signed the pact in Beijing following an unofficial trade and fuel embargo from India against Nepal for the past one month, officials here said.

The MoU’s content was not immediately known. It is not clear how much fuel Nepal will import from China right away.

With the recent Indian embargo, Nepal has faced serious shortage of fuel, medicines and other essential commodities.

The Wednesday MoU paves the way for Nepal to import fuel from China, Nepal’s ambassador to China Mahesh Maskey told the Nepali media after the agreement was signed.

A Nepali team negotiated with Chinese officials on Tuesday and Wednesday.

Jhang Tong of Petro China and Gopal Bahadur Khadka of Nepal Oil Corp signed the deal.

Nepal buys over $1.3 billion of gasoline from Indian Oil Corp annually.

Nepalese and Indian officials had only two months back signed a petroleum pipeline deal.

Nepal has not imported any gasoline from China in the past. It has been buying fuel only from IOC.

Besides commercial import of fuel from China, Beijing has also pledged to provide Nepal with 1.3 million liters of gasoline to cope with increasing fuel crisis in Nepal.

This fuel will be provided as a grant by China.

The ongoing fuel shortage has forced the closure of thousands of schools and taken off thousands public and private vehicles off the roads, hitting Nepal’s economy hard.

(IANS)

 

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Pakistan, Saudi Arabia Likely To Sign MoUs Worth More Than $10bn

He said that four Malaysian firms were also due this month and would invest in four sectors - halal meat, gemstone, information technology and hi-tech education

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Pakistan and Saudi Arabia are likely to sign memoranda of understanding (MoU) worth more than $10 billion this month, the media reported on Thursday.

The announcement was made at the second meeting on ease of doing business (EoDB) presided over by Prime Minister Imran Khan on Wednesday.

Speaking to Dawn news after the meeting, Finance Minister Asad Umar said Saudi Prince Mohammad bin Salman bin Abdulaziz would visit Pakistan next month and most of the MoUs were expected to be signed during his trip.

Board of Investment (BoI) Chairman Haroon Sharif said Saudi Arabia was interested in Pakistan’s four sectors – oil refinery, petrochemicals, renewable energy and mining.

“According to a survey, 65 per cent of the investments will take place in the country’s commercial hub Karachi and 35 per cent in Lahore,” he added.

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The $10 billion investment will be in addition to the $6 billion bailout package given by Riyadh to Islamabad during Khan’s visit to Saudi Arabia in October 2018.

Similarly, Pakistan will also sign MoUs with China, the United Arab Emirates (UAE) and Malaysia over the next two months.

Sharif told Dawn that he had recently visited China and signed MoUs on industrial cooperation under the China-Pakistan Economic Corridor (CEPC).

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The BoI chief said the UAE was interested in agriculture, housing and other sectors.

He said that four Malaysian firms were also due this month and would invest in four sectors – halal meat, gemstone, information technology and hi-tech education. (IANS)