Jun 25, 2024

Nepal Bitumen & Barrel concludes AGM

Nepal Bitumen & Barrel concludes AGM

KATHMANDU:The 33rd, 34th, and 35th Annual General Meeting (AGM) of Nepal Bitumen and Barrel Industry Ltd have concluded. Due to the health reasons of the company's chairman, Prem Bahadur Shrestha, a virtual video conference was held via Zoom at the company's headquarters in Krishnagalli, Pulchok, Lalitpur, chaired by the industry's managing director, Pradeep Kumar Shrestha.

Managing Director Pradeep Kumar Shrestha answered the shareholders' queries during the meeting. He added that in the previous years 2077/078, 2078/079, and 2079/080, only the Haldia Refinery was used while importing bulk bitumen from the Indian Oil Corporation (IOC). Similarly, he stated that bulk bitumen is being transported from the nearby Baroni and Mathura refineries in India. In this way, he informed the assembly that the sale of imported bulk bitumen increased in the year 2079/080 due to the establishment of sales depots at Nepal's border crossings and the continued expansion of the market. 

He added that he is considering entering the market with new strategic business partners. Similarly, he stated that he and the board of directors are working to establish this industry as a model for privatized industries, and he pledged to have a general meeting every year.

The previous technique of making emulsion has been replaced and put into operation by a new digital automatic method, and output has been boosted and delivered to market.

Similarly, Ashok Kumar Shrestha and Shyamakrishna Shrestha were voted unopposed as directors of this industry by the general public and employees, who represented 35% of the assembly. Similarly, Vikash Acharya was chosen as an independent expert director.