India and Nepal on April 2 unveiled joint vision into bilateral cooperation in power sector and inked a few memorandums of understanding in this regard.
Indian Oil Corporation and Nepal Oil Corporation have signed two memorandums of understanding on April 2 during delegates level meeting at Hyderabad House in New Delhi, said Indian Foreign Secretary Harsh Vardhan Shringla.
The delegation level meeting was led by prime minister Narendra Modi and his Nepal counterpart Sher Bahadur Deuba. The Nepal prime minister is on three-day visit to India.
The memorandum of understanding has been signed for the renewal of the supply of petroleum products for a period of five years and sharing technical expertise.
The secretary said that a joint statement for power trade was unveiled together.
Modi also conveyed to Deuba that their power export proposals have been cleared and it will contribute to Nepal’s economic prosperity. “There was also a renewed commitment by both sides to move forward with Pancheshwar project,” said Shringla during presser over both leaders’ meeting.
Both leaders reaffirmed their commitment to further deepen the timeless linkages and bonds of geography, history, culture, commerce and people-to-people ties between the two countries.
In this context, both prime ministers noted the positive developments in each other’s power sectors. India congratulated Nepal on its significant progress in the power sector including becoming a near power surplus country.
Prime minister Deuba appreciated India’s recent cross-border electricity trade regulations that have enabled key partners like Nepal to access India’s market and trade power with India.
He also acknowledged with appreciation India’s contribution to developing Nepal’s power sector, through capacity building and direct support to infrastructure projects related to generation and transmission.