Indian Oil Corporation has signed a Memorandum of Understanding (MoU) with Nepal Oil Corporation (NOC) for supply of POL products. Supply of POL and LPG products from Indian Oil to NOC started in 1974 when the first supply agreement was signed. Thereafter, the agreement was renewed periodically.

The new supply agreement signed is for the period April 2017-March 2022 and will meet NOC's full requirements of all the major POL products, including petrol, diesel, kerosene, aviation turbine fuel & LPG.

The new agreement is based on the concept of Umbrella Agreement by keeping the provisions of future MoUs / Agreements subsidiary to this. A provision has been kept for collaboration in new fields like engineering, projects, aviation fuelling, retail sales, petrochemicals, business developments & LPG ventures.

Shares of the company declined Rs 2.5, or 0.67%, to trade at Rs 368.70. The total volume of shares traded was 60,477 at the BSE (12.54 p.m., Tuesday).