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Special economic zone for service providers to oil and gas sector

Special Correspondent

SEZ type concessions to be extended, says Aiyar

IN SEARCH OF ENERGY SECURITY: Union Minister of Petroleum and Natural Gas, Mani Shankar Aiyar (centre), with the Secretary to the ministry, M. S. Srinivasan (left), and Director-General of Hydrocarbons, V. K. Sibal, during the brain-storming session on hydrocarbon sector in New Delhi on Saturday. — Photo: V. Sudershan

NEW DELHI: Petroleum Minister Mani Shankar Aiyar has said a proposal is being considered to set up an exclusive petroleum economic zone for service providers in the oil and gas industry.

Speaking to newspersons after day-long discussions with representatives of the hydrocarbons sector, he said the proposal envisaged that service providers from all over the world would be invited to set up shop in the country. He said the concept was on the same lines as that of the special economic zones (SEZs). The service providers for upstream exploration and production as well as downstream refining technology would be given concessions to provide world-class specialised services.

Mr. Aiyar said this was one of the many useful suggestions that had emerged during the brainstorming session with the oil and gas industry here on Saturday. It would ultimately contribute not only to domestic exploration and production but would help the country become a global sourcing hub like China, he felt.

The Minister said the Government was also seeking to set up an industry-wise knowledge base which can be accessed by everyone. This would be in addition to the National Technology Bank being set up for the oil and gas industry.

An integrated technology forum and joint working group of the Ministries of Coal, Mines, Science and Technology and Petroleum would be set up to network the domestic knowledge base available with public and private sector companies and academic institutions, he said.

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