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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Tax shift may pour woe on Nelp-7



By Upstream staff 

Photo by Reuters


India’s Petroleum Minister Murli Deora has met Finance Minister Chidambaram over proposed changes in petroleum taxation policies that may discourage players from investing in the seventh New Exploration Licensing Policy (Nelp-7) round, local media reports said.

The finance ministry’s budget for 2008-2009 proposes to withdraw a seven-year tax holiday on oil and gas production that was promised in the Nelp-7, for which bids are due at the end of this month, and any move to back track on the commitment may affect investor sentiment, according to a report published in the Hindu’s Business Online.

The budget also seeks to cancel policy for the exemption of 100% profits for commercial production of petroleum and natural gas over a seven year period where refining of oil begins after 1 April next year, added the Business Online.


Thursday, 17 April, 2008, 02:58 GMT  | last updated: Thursday, 17 April, 2008, 08:47 GMT

Emerging from the shadows: onshore blocks in the state of Rajasthan will be among the offerings for bidders in the Nelp-7
 

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