Indian oil block to be held on time
Published April 14th, 2008
The Indian government has said that the seventh round of auction of oil block under the New Exploration and Licensing Policy (Nelp VII) will not be postponed even as there is lack of clarity on tax holidays on gas production.
“The tax holiday withdrawl is a problem but it is not a deal-breaker. The April 25 deadline for the Nelp VII bidding holds,” said Petroleum Secretary MS Srinivasan.
Earlier, reports suggested that the withdrawl of the 7-year income tax holiday in the 2008-09 Budget could lead to postponment, and even cancellation, of Nelp VII, which is estimated to attract investments of nearly $3.5 billion.
Related Articles
