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(1) Where the Board grants a license to an applicant to operate nationwide a network of storage depots for the storage and trans-shipment of petroleum products, it shall authorize the licensee to provide services for storage and transshipment of petroleum products to bulk consumers and persons licensed under this Act to market petroleum products.

(2) The Board shall grant only one license to a person for the operation of network of storage depots for the storage and trans-shipment of petroleum products at any particular time in the country.

(3) A person granted a license for this purpose shall be known as the operator of storage depots for petroleum products.