MoU signed between Indian Oil Corporation and the Roads and Highways Department of the People's Republic of Bangladesh

Indian Oil Corporation (IOCL) and the Roads and Highways Department of People's Republic of Bangladesh signed a Memorandum of Understanding in Dhaka. The MoU enables IOCL to send its trucks carrying Motor Spirit, High Speed Diesel, Superior Kerosene Oil & Liquefied Petroleum Gas from Meghalaya to Tripura via territory of Bangladesh. The validity of this facility is till end September, 2016. Both sides have also agreed to extend the transit facility for a further short period on need basis.

The work on the broad gauging of the railway track in the North-Eastern region has shifted the goods vehicle traffic on to the roads. Further, due to heavy rains in the region this Monsoon, the roads, including NH 44, have been affected resulting in non plying of goods trucks, including those carrying petroleum goods to Tripura. This resulted into a situation of scarcity of essential petroleum goods.

 

The Bangladesh Government, given the friendly, multi-dimensional and expanding bilateral relations between the two countries, agreed to India's request for facilitation of the movement of IOCL trucks carrying petroleum goods to Tripura through its territory. While alternate measures are also being taken to address the situation, the facilitation extended by the Bangladesh Government under the MoU is expected to improve the situation of shortage of petroleum products in Tripura in appreciable measure.

Powered by Capital Market - Live News