China, Nepal reach deal on petroleum
Print Edition
CHINA has agreed to supply petroleum products to Nepal, a landlocked and impoverished country which has been trying to lessen its dependence on India, its southern neighbor.
After a visit to Beijing by Nepali Prime Minister K.P. Oli, the two countries said they have “agreed to conclude a commercial deal on the supply of petroleum products from China to Nepal.”
Kathmandu says it wants to import 33 percent of Nepal’s annual demand of 1.8 million tons of petroleum products from China, but trade officials say poor connectivity and logistics, high costs and transportation through difficult Himalayan terrain pose a challenge to any fuel trade between the two countries.
Under the agreement, companies will be encouraged to speed up negotiations on issues including transportation, quality control, and customs and frontier formalities, according to a joint statement from the two governments.
China will also build oil storage facilities for Nepal.
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