A meeting between the government and entrepreneurs reach to this agreement today, Deepak Subedi, joint secretary at Ministry of Commerce and Supplies, said. [break]
The government had passed Petroleum and Gas Transaction Regulatory Order on March 13, paving the way for private players to import, process and distribute petroleum products, and ending the monopoly of state-owned Nepal Oil Corporation (NOC).
Following the government decision, Nepal Petroleum Dealers National Association, Nepal LP Gas Industries Association and Nepal Petroleum Tankers Operators Association warned to halt the sales and supply of petroleum products nationwide from April 2 to exert pressure on the government to withdraw the decision.
Five private companies, Koshi Petrochemicals, Birat Petrochemicals, Chandi Lumbini Company, Malika Petrochemicals and Bishal Enterprises have already applied with the government seeking permission for transaction of petroleum products.
In the order, the government has fixed paid-up capital of Rs 20 billion for refinery, Rs 10 billion for petroleum importing company, Rs 5 billion for LPG importing firm and Rs 500 million for gas refilling company.
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