: India, Nepal unveil joint vision in power sector #IndiaNEWS #National New Delhi, April 2 | India and Nepal on Saturday unveiled joint vision into bilateral cooperation in power sector and inked a

India, Nepal unveil joint vision in power sector #IndiaNEWS #National
New Delhi, April 2 | India and Nepal on Saturday 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 Saturday during delegates level meeting at Hyderabad House, 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 have 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 Nepals 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 others power sectors. India congratulated Nepal on its significant progress in the power sector including becoming a near power surplus country.
Prime Minister Deuba appreciated Indias recent cross-border electricity trade regulations that have enabled key partners like Nepal to access Indias market and trade power with India.
He also acknowledged with appreciation Indias contribution to developing Nepals power sector, through capacity building and direct support to infrastructure projects related to generation and transmission.
Both Prime Ministers agreed that there are unprecedented opportunities for expanding and further strengthening mutually beneficial bilateral cooperation in the power sector including joint development of power generation projects in Nepal, development of cross-border transmission infrastructure, bi-directional power trade with appropriate access to electricity markets in both countries based on mutual benefits, market demand and applicable domestic regulations of each country, coordinated operation of the national grids and institutional cooperation in sharing latest operational information, technology and know-how.
To expand such cooperation to include their partner countries under the BBIN framework subject to mutually agreed terms and conditions between all involved parties, said joint vision on power sector.

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