Nepal signs MOU with China to comfort fuel crisis [ Current Affairs ]
Nepal has signed a Memorandum of Understanding (MOU) with China in order to import all kinds of fuel to ease fuel crunch in the country. It was signed by Nepal Oil Corp (NOC) and China National United Oil Corporation (PetroChina).
- To supply all kind of the petroleum products for Nepal needs. It is being signed.
- This is the first time that China is commercially providing petroleum to Nepal.
- China has agreed to give 1.3 million liters of petrol to Nepal.
Impact on India:
- With this Nepal may end a long - held domination of buying fuel from the Indian Oil Corp (IOC).
- Earlier, it was dependent on its southern border crossings with India for trade.
- Nepal is fronting objections and economic blockade at key border trade points with India.
- whisking protest led by Madhesi Front is demanding that the Constitution does not guarantee enough rights and representation to the Madhesi residing in southern parts of nepal.
- The blockade hit Nepal’s economy hard and hampered the supply of essential goods.
- Published on: November 2, 2015