Oil Minister Dharmendra Pradhan today discussed with Odisha Chief Minister Naveen Patnaik the issue of tax incentives for Indian Oil Corporation's (IOC) Paradip refinery in the state.
Oil Minister Dharmendra Pradhan today discussed with Odisha Chief Minister Naveen Patnaik the issue of tax incentives for Indian Oil Corporation's (IOC) Paradip refinery in the state.
The state government had last year withdrawn tax incentives to the 15-million tonne refinery, a decision that IOC has challenged in court.
"In the meeting, various options available to reach an amicable settlement on the present tax dispute were discussed," an official statement said here.
Pradhan said the state had extended the tax concession in 2004 to make the refinery project viable. Withdrawal of the same is now impacting the project commercially.
There is a need to find an amicable solution to the impasse keeping in view the fiscal health of the state and commercial interest of IOC, he said.
"He emphasised on the need for finding a middle path, wherein both IOC and the state government can work out a mutual acceptable solution by climbing down from their stated positions," the statement said.
The minister said the state government should incentivise the expansion plans of the company, which include setting up a petrochemical complex adjacent to the refinery as well as expanding the present oil refining capacity.
"Over a period of time, it will enable the state to increase its revenue and also create additional employment avenues for the youth of the state," he said.
At the meeting it was agreed that the officers of the Ministry of Petroleum and Natural Gas, IOC and the state government will deliberate various issues and work out an acceptable solution at the earliest.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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