KATHMANDU — Investment Board Nepal (IBN) has said that it was holding deliberations with China Three Gorges Corporation (CTGC) regarding the financial viability of the West Seti Hydropower Project (750 MW) refuting Finance Ministry’s claims that the government would build the West Seti Hydropower Project with internal resources as stated in the recently released budget for fiscal year 2018-19.
Issuing a statement on Wednesday, the IBN has said that there has been no decision to scrap the pact signed with China Three Gorges Corporation (CTGC)– the proposed developer of the 750MW reservoir-type project.
IBN said a study committee, formed by its 29th Board Meeting chaired by Prime Minister KP Sharma Oli as per CTCG’s request for some clarity on financial viability of the project, has already submitted its report and that the report is under consideration.
“Recent media reports suggesting that the accord signed with the CTCG will be scrapped and the government will build the project on its own have drawn our attention,” the statement reads.
“No such decision has been made by the government.”
The statement came after the government’s announcement to build the reservoir project by mobilizing internal resources.
Finance Minister Yubaraj Khatiwada, while presenting the federal budget for the next fiscal year on May 29, had said the construction work on West Seti would be commenced by mobilising internal resources.
The project, located in far-western Nepal, has been languishing in uncertainty after the CTGC said it would not go ahead with the scheme if the power purchase rate was not increased.Follow @gorkhapost
NOC hikes fuel prices
KATHMANDU — Nepal Oil Corporation has jacked up the prices of petrol, diesel, kerosene and aviation turbine fuel with effect from Monday.
The state-owned monopoly has decided to increase Rs 1 per litre in petrol while it has increased diesel and kerosene prices by Rs 2 a litre, respectively. Likewise, price of ATF has been raised by Rs 4.5 a litre.
Petrol will now cost Rs 111 per litre while diesel and kerosene will cost Rs 95 a litr and ATF will cost Rs 104.5 a litre.
The NOC, however, has not increased the price of Liquefied Petroleum Gas (LPG).
Even with this adjustment, NOC will still incur fortnightly loss of Rs 70 million, as per Birendra Goit, spokesperson for NOC.Follow @gorkhapost