Kathmandu: Nepal Oil Corporation (NOC) may face an existential crisis if it fails to diversify its business, warned Minister for Industry, Commerce and Supplies, Damodar Bhandari, at a program celebrating the corporation's 55th anniversary.

While acknowledging NOC's crucial role in the petroleum supply chain, Minister Bhandari emphasized the need to move beyond its traditional focus. "The increasing adoption of clean energy technologies is leading to a decline in the demand for petroleum products," he stated. "This necessitates a proactive approach to explore alternative business avenues."

The Minister directed NOC to enhance its petroleum product storage capacity and modernize its supply and distribution systems to ensure efficiency and reliability. He highlighted the government's ongoing efforts to improve petroleum product supply, including the development of pipeline infrastructure and subsidies for household LPG cylinders.

Industry Secretary Krishna Bahadur Raut echoed the need for NOC to expand its capabilities and diversify its business portfolio.

NOC Executive Director, Dr. Chandika Prasad Bhatta, pledged the corporation's commitment to promoting green and local energy sources.

This news article succinctly conveys the key message: NOC must adapt to the changing energy landscape and diversify its business to ensure its long-term viability.