EXXON ASKS RUSSIA
U.S. oil and gas major ExxonMobil has asked the Russian government to reimburse taxes worth "several billion roubles" it says it overpaid on a project in the far east of Russia.
The newspaper, citing unnamed sources, said ExxonMobil believes it overpaid profit taxes on its Sakhalin-1 oil and gas project. Russia reduced the profit tax in 2009 to 20 percent but ExxonMobil continued to pay at the earlier level of 35 percent after the project broke even in 2008, it said.
ExxonMobil, which owns 30 percent in Sakhalin-1, in Moscow declined immediate comment.
Kommersant quoted a source as saying that ExxonMobil had threatened to lodge a claim with the Stockholm arbitration court unless Russia cut its taxes for the project in line with the lower profit tax which applies across the country.
It said the claims amounted to "several billions of roubles". In 2014, the company overpaid by 10 billion roubles ($163.7 million), the newspaper said, citing a source.
Russian Energy Minister Alexander Novak plans to meet Exxon's chief executive officer, Rex Tillerson, later on Wednesday. The newspaper also said that Tillerson would meet Finance Minister Anton Siluanov, Deputy Prime Minister Arkady Dvorkovich and Rosneft's Chief Executive Officer Igor Sechin. ($1 = 61.0940 roubles)
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.