INDIAN OIL CORPORATION LTD. - Signing of MOU

Indian Oil Corporation Ltd has informed BSE that subsequent to signing of an MOU between Government of India and Government of Nepal on August 24, 2015, Indian Oil Corporation Ltd. (IndianOil) and Nepal Oil Corporation (NOC) have signed an MOU on August 25, 2015 at Kathmandu for construction of 1.3 MMTPA capacity Raxaul-Amlekhgunj Petroleum product pipeline alongwith some works at Amlekhganj Petroleum Depot of NOC. The estimated cost of this project is Rs. 275 crore and the completion period is 30 months after receipt of statutory clearances. This pipeline will ensure long term supply of petroleum products to Nepal from IndianOil as well as stability of supplies from India to Nepal, which will benefit both the countries.