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Indian oil companies fight tax

04-07-2012 10:13 BJT

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Oil and gas companies in India are fighting the federal government on new taxes on domestic oil production.

The government increased taxes to 4,500 rupees a tonne in the 2012-13 budget. India, the world's fourth-largest oil importer, meets about 80 percent of its crude needs through overseas purchases. It is scouting for oil and gas assets abroad to meet demand in a rapidly-growing economy, and to feed its expanding refining capacity.

India's Oil and Natural Gas Corporation, which has been investing heavily in its oil fields, has said it aims to raise crude production by 15 percent to 28 million tonnes, or 560,000 barrels per day by March 2014.



Editor:Liu Fang |Source: CNTV.CN

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