Indo-Lanka company gets tax benefits for oil drilling

An Indo-Sri Lankan company will receive a wide variety of concessions to conduct exploration for oil and gas in the Mannar Basin.

Economic Development Minister Basil Rajapaksa has identified the project undertaken by Cairn Lanka (Private) Limited and the Government of Sri Lanka as a “strategic development project.” The Government has already signed a Petroleum Resources Agreement with this company for the project that will cost US $ 113 million.

A Gazette notification signed by Minister Rajapaksa states that the project “is in the national interest and is of economic and social benefit to the country”. The company will receive tax benefits, a wide variety of tax exemptions and exemption from Customs duty.

Cairn Sri Lanka Limited is a subsidiary of Cairn India (Private) Ltd. It will drill for oil in eight blocks identified and demarcated in the Mannar Basin. Five other remaining blocks are to be awarded to other concerns shortly.

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