Tullow Oil, the Africa-focused explorer, is in a new tax dispute with the Ugandan government following a partial $2.9bn sale of its Lake Albert project.
The Ugandan government claims it is owed $472.7m in capital gains tax from Tullow’s sale of two-thirds of its Lake Albert concession to China’s Cnooc and France’s Total for $2.93bn.
Tullow disputes the amount. In a statement, it said it would pay $141.8m – or 30 per cent of the total – and “will then follow the normal tax dispute resolution process in Uganda”.
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