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Cabinet clears policy for extension of oil & gas contracts

Cabinet clears policy for extension of oil & gas contracts

Thursday, March 23, 2017, 10:32 AM

The Cabinet has approved a new policy to allow transparent extension of oil and gas contracts for companies that agree to increase the state’s share of profit by 10% a move that raises government’s revenue and allows companies like Vedanta-controlled Cairn India to plan future investments. This is expected to encourage investment of $5.4 billion to extract 426 million barrels.
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