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2015-04-02 19:20:00

TOTAL & UGANDA FIGHTING

TOTAL & UGANDA FIGHTING

France's Total is seeking arbitration for a tax dispute with the Ugandan government tied to the company's acquisition of stakes in three exploration blocks.

The company told Reuters on Tuesday that it has filed a request with the International Center for Settlement of Investment Disputes, a unit of the World Bank, to help settle the matter.

The dispute is tied to a 2012 deal that allowed Total and China's CNOOC to buy stakes in three Uganda blocks from UK-based Tullow Oil for $2.9 billion.

A source at the Uganda Revenue Authority told Reuters that Total has argued its production sharing agreement for Exploration Area 2, one of the blocks included in the deal, came with a tax waiver.

Total has not disclosed how much it may owe in taxes but the source said the bill stands at $30 million.

Last year Tullow Oil, along with Total and CNOOC, signed a pipeline and refinery deal with the Ugandan government that could lead to commercial production and crude exports by 2018.

Uganda has estimated crude reserves of about 6.5 billion barrels.

petroglobalnews.com

Tags: TOTAL, UGANDA, OIL

Chronicle:

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