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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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Reliance Communications (RCOM) forms Agreement with Veecon Media, Sells Reliance Big TV

Reliance Communications formed a MOU with Veecon Media and Television Ltd to sell off its subsidiary Reliance BIG TV Ltd (RBTV) and its entire shareholdings

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Reliance Communications
Reliance Communications sold off its subsidiary RBTV to Veecon Media. Wikimedia.

New Delhi, Nov 6: Reliance Communications (RCOM) on Monday entered into a binding Memorandum of Understanding with Veecon Media and Television Limited, for sale of its subsidiary Reliance BIG TV Limited (RBTV), engaged in the business of Direct to Home (DTH) services across India, a company statement said here.

Pursuant to the transaction, the buyer will acquire the entire shareholding of RBTV with business on “as-is where-is” basis, along with all existing trade liabilities and contingent liabilities, the statement said.

The existing DTH licence of BIG TV shall be renewed with the submission of the required bank guarantees with the Ministry of Information and Broadcasting by the buyer.

Reliance Communications
Reliance Communications (RCOM) forms Agreement with Veecon Media. IANS.

The transaction ensures that all existing 1.2 million customers of RBTV shall continue to enjoy uninterrupted services. It also ensures the continuity of employment for approximately 500 employees of RBTV.

The transaction will help reduce the liability of unsecured creditors, benefitting all stakeholders including lenders and shareholders of Reliance Communications. The transaction is in consonance with the Reliance Communication’s stated objective to focus on B2B businesses of new Reliance Communications, the statement said.

The culmination of the transaction is subject to the requisite approvals from licensors, regulatory authorities and lenders of Reliance Communications. (IANS)

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