For the eighth consecutive year, PetroFed organised a Senior Management Meet on ‘Implications of Union Budget on the Oil & Gas Sector’ on the day after presentation of the Union Budget in the Parliament by the Hon’ble Finance Minister, in knowledge partnership with member company PricewaterhouseCoopers (PwC) at New Delhi. The seminar on February 27, 2010 was chaired by Shri T. N. R. Rao, former Secretary, MoP&NG and the keynote address was delivered by Prof. B. B. Bhattacharya, Vice Chancellor, Jawaharlal Nehru University.  The participants were earlier welcomed by Shri A.K. Arora, Director General, PetroFed.

Dr. Bhattacharya very lucidly brought out the subtleties of the Union Budget in the context of a growing economy in a barely growing world economy.

The detailed implications of the Union Budget on the Oil and Gas Sector for Direct Tax and Indirect Tax were presented by PwC Executive Directors Shri Rahul Garg and Shri R. Muralidharan respectively.

The industry perspective for the downstream, upstream and gas sector respectively were presented by the Directors (Finance) of IndianOil, Shri S.V. Narasimhan; ONGC, Shri D.K. Sarraf; and GAIL, Shri R. K. Goel.

The session Chairman, Shri T. N. R. Rao’s opening and closing remarks were widely appreciated for their content.  On a query about implementation of the Kirit Parikh Committee report the Session Chairman enquired if there was an astrologer present. 

The question and answer witnessed a healthy debate on the economy and implications of some of the recent provisions.

Click here to view presentations and published brochure.