Minister for Industry, Commerce and Supplies, Damodar Bhandari addressing a programme organized on the 55th anniversary of the NOC on Friday. Photo: RSS

Minister for Industry, Commerce and Supplies, Damodar Bhandari, has said Nepal Oli Corporation's existence might be in crisis if its business is not diversified.

At a programme organized on the 55th anniversary of the NOC here Friday, Minister Bhandari mentioned that though the NOC has been playing a significant role in supplying a series of petroleum products, it should not limit itself within it.

He shared, "The use and business of petroleum products is decreasing with the increasing use of new technology of clean energy. Decrease in the business of NOC in such situation is natural and a time has come to think in a new way to seek its alternative."

Minister Bhandari directed the NOC to increase the storage capacity of petroleum products and make the supply and distribution system technology-friendly and trustworthy.

The government has been carrying out necessary works keeping various issues including supplying petroleum products through pipelines and providing grants on LPG gas cylinders used for household purposes in priority, he added.

Similarly, Industry Secretary Krishna Bahadur Raut pointed out the need to expand NOC's capacity and diversify its business while Executive Director of NOC, Dr Chandika Prasad Bhatta, expressed commitment that the NOC would carry out activities for the promotion of sources of green and local energy.