NOC to start lube business

Nepal Oil Corporation (NOC) will formally enter the lubricant business soon, according to Acting Managing Director Suresh Kumar Agrawal. The petroleum supply agreement between Indian Oil Corporation (IOC) and NOC, which was signed on April 27, included the trade of bitumen, lubricants and grease. NOC will start the trade of lubricants, bitumen and grease once it clears its existing dues with IOC of around Rs 1.6 billion (US$18.5 million). (May 6, 2012)