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India to set up petroleum economic zone: Aiyar
By agencies
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Monday, 09 January 2006, 20:30 IST
NEW DELHI: Petroleum Minister Mani Shanker Aiyar today said India is considering setting up exclusive petroleum economic zone for service providers in the oil and gas industry.
"We have received interesting suggestions for the setting up of petroleum economic zone where service providers from all over the world would be invited to set up shop," he said.
He said the petroleum economic zone would operate on lines of SEZ where service providers for upstream exploration and production and downstream refining technology would be given certain concessions to provide the world specialized services.
"These will contribute not only to domestic E&P but become a global sourcing hub like one in China," he said.