China trying to overcome India’s old friends

Nepal on Wednesday signed a MoU with Petro China in order to import all kinds of fuel from China, ending a long-held monopoly of buying fuel from the Indian Oil Corp (IOC). Nepal Oil Corp (NOC) and Petro China signed the pact in Beijing following an unofficial trade and fuel embargo from India against Nepal for the past one month. Nepal buys over $1.3 billion of gasoline from Indian Oil Corp annually. Nepalese and Indian officials had only two months back signed a petroleum pipeline deal.