BUDGET IMPACT: PETROLEUM SECTOR

Article Abstract:

In the budget of the Government of India for 1999-2000, the customs duty on crude oil has been reduced from 22 percent to 20 percent. The customs duty on naphtha has been increased from zero percent to 5 percent. The customs duty on liquefied petroleum gas (LPG) has been reduced from 12 percent to 10 percent. The customs duty on petrol, diesel, aviation turbine fuel and bitumen has been reduced from 32 percent to 30 percent. The excise duty on fuel oil has been increased from 15 percent to 16 percent and on diesel from 15 percent to 16 percent. The excise duty on liquefied petroleum gas has been reduced to 8 percent from 10 percent. The oil refining industry has been exempted from the 10 percent surcharge on basic customs duty. Project imports for setting up new refineries will carry an import duty of 5.5 percent, including the surcharge. Specified capital goods for oil exploration companies will not attract any customs duty. The Indian Oil Corporation will benefit from the reduction of import duty on crude oil. The Bharat Petroleum Corporation Ltd and the Hindustan Petroleum Corporation Ltd will be affected by the 5 percent import duty on project imports. (rk) (kvr)

Petroleum, Petroleum and Coal Products Manufacturing, India, Taxes

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DONG VIL PA OLIEJAGT I NORSKE FARVANDE

Article Abstract:

Dansk Olie & Naturgas (DONG), the state-owned Danish oil and gas company, has bid for a prospecting license in the Norwegian area of the North Sea. S ren Grath Hansen, director of Dopas, the subsidiary of DONG, says the main interest is focused on areas close to the Danish continental shelf. This is the first time DONG operates outside Denmark. Not until 1997 was DONG and its prospecting company Dopas allowed to operate in foreign countries.

Comment:

State-owned Danish oil and gas company has bid for a prospecting license in the Norwegian area of the North Sea

Crude Petroleum and Natural Gas Extraction, Crude Petroleum & Natural Gas, Norway, Natural resources, Petroleum industry, Natural gas, Dansk Olie og Naturgas A/S, Gas industry, Article

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