Shares of GSPL and GAIL are trading higher after the Finance Minister in the Budget proposed to develop a blueprint for long distance gas highway leading to a National Gas Grid. This would facilitate transportation of gas across the length and breadth of the country. For full story, click here
In addition to certain benefits that are crucial for its development, the oil and gas industry is hoping that some of the existing tax issues will be resolved in the Budget 2009, notes Vijay Iyer, Tax Partner, Ernst & Young. For full story, click here
The Petroleum Minister, Mr Murli Doera, during his pre-Budget meeting with the Finance Minister, Mr Pranab Mukherjee has sought a seven-year income-tax holiday on natural gas production similar to the one currently being provided for crude oil. For full story, click here
The forthcoming Budget may classify mineral oil as hydrocarbons, thus extending a seven-year tax holiday given to crude oil explorers to producers of natural gas, including ONGC and Reliance Industries. For full story, click here
Marcellus Shale revealed that its natural gas revenues would be used to help plug the state budget deficit as appoved by legislation. For full story, click here
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