Oil Corporation clears 24 billion debt

KATHMANDU, July 2: Nepal Oil Corporation has cleared its debt of 24 billion to Indian Oil Corporation (IOC). 

During the Russia-Ukraine war, the price of petroleum products fell all over the world. Nepal Oil Corporation bought oil from IOC on loan during that period. The corporation had no money to pay IOC after bringing oil from India at an expensive price and selling it at a loss. 

Oil Corporation's spokesperson Manoj Kumar Thakur informed that the amount has been fully paid this time. "Nepal had yet to pay Rs 24 billion to IOC," said Thakur, "The said amount has been paid. 3 billion has also been paid to Rastriya Banijya Bank." Now the corporation owes Rs 6 billion 300 million to the Nepal government.