Which is the Business type of oil petroleum and which Indust

Which is the Business type of oil (petroleum) and which Industry is petroleum belong?

Solution

As far as the petroleum industry is concern it belongs to primary Industry.

Primary industry means when it is related to agriculture, mining, forestry etc. Primary industry substances are extracted from nature and used to manufacture or produce products and services for public at large.

Petroleum is extracted from nature hence it is primary industry product.

Business type is corporation. Corporation may be a group of companies or a large company which is authorized by the government to act as a single entity.

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