Government to provide Rs 7 billion loan to Nepal Oil Corporation

KATHMANDU: The government is to provide a loan of Rs 7 billion to Nepal Oil Corporation (NOC) to make the supply of petroleum products smooth.

A meeting of the Council of Ministers on July 15 decided to provide the amount to NOC, the state-owned petroleum importer and supplier, to pay the Indian Oil Corporation (IOC) the dues it owes to the latter due to the adjustment in the price of petroleum products.

Addressing a news conference organized at the Ministry of Communications and Information Technology today to make the Council of Ministers’ decisions public, Communications Minister Gyanendra Bahadur Karki informed that the Ministry of Finance has decided to provide the amount to NOC as it was short of money to pay to the IOC.

The Council of Ministers has likewise decided to provide through the Ministry of Industry, Commerce and Supplies, to NOC Rs 598 million 680 thousand, the amount in lieu of price adjustment in terms of infrastructure tax on petroleum products.

The government has taken a decision to extend the term for the financial management of the Upper Karnali Hydropower Project by two years from the date of the Cabinet decision.

The Council of Ministers has decided to promote Investigation Director at the National Investigation Department, Kuldev Thapa, to the post of Additional Chief Investigation Director. It has decided to give continuity to the prohibition on the import of 10 various goods until August 30.

Minister Karki, who is also the government spokesperson, shared on the occasion that the Council of Ministers has given approval for tabling in the Federal Parliament the bill designed to make amendments to the Truth and Reconciliation and the Commission of Inquiry into Enforced Disappeared Persons (CIEDP) Act, 2071 BS.