Government to provide Rs seven billion loan to NOC

Photo: NL Today

NL Today

  • Read Time < 1

Kathmandu: The government has decided to provide a loan amounting Rs seven billion to the state-owned 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 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. RSS