Prominent for its natural resources (tea, oil and natural gas), Assam is the world’s largest tea producing region. The state contributes to almost 50% of India’s total tea production and houses numerous tea parks and food processing parks. The Guwahati Tea Auction Centre (GTAC) is among the largest CTC tea auction centres in the world. Assam is also the third largest producer of petroleum and natural gas and is the largest producer of onshore natural gas in India. India's oldest operating oil refinery at Digboi, Assam hosts the highest recoverable reserves of crude oil and natural gas in India. Assam shares a geographical advantage because of its proximity to South East Asia. Its existing and ongoing infrastructural initiatives make it the ideal staging ground for businesses aiming to cater to the ASEAN markets.