Gulf Oil and Gas accountACCOUNT

Gabon Tells Total to Pay $805m in Taxes

Source: Reuters 2/21/2014, Location: Africa

Share |
Gabon's government has told French oil major Total's local subsidiary to pay $805 million in taxes it owes for 2008 to 2010, in a case watched closely by potential new investors in the West African country's energy sector.

Total Gabon said it would challenge the tax demand, which follows a state audit of the former OPEC member's petroleum industry that began in 2010.

The company said it "considers this tax adjustment unfounded" and was confident that discussions with the government would have a favourable outcome.

The government is restructuring its vital energy sector as it tries to double output to 500,000 barrels per day.

An earlier tax dispute with Addax Petroleum, a subsidiary of China's Sinopec, led that company to pay the government at least $400 million.

Other companies will be subject to similar tax audits, a senior official in the Ministry of Petroleum told Reuters on condition of anonymity.

Total is the oldest foreign petroleum company in Gabon and owns 58.28 percent of Total Gabon, with the Gabonese government holding 25 percent.

One industry source said the government's holding was likely to help speed a resolution to the dispute.

The government said Total's rejection of its tax demand was proof of bad faith.

"The administration deplores (Total's) attitude, characterized by a tendency to pay attention only to one's point of view," Gabon's director general of taxes, Joel Ogouma, said in a statement sent to Reuters on Friday but dated Thursday.

"The authorities regret the bad faith of Total Gabon which, despite its size, remains a taxpayer like any other, subject to the laws and regulations of the Gabonese Republic," Ogouma said.

Financials and Investment News in Gabon >>

Iraq >>  1/17/2018 - Genel Energy plc announces that the Taq Taq partners have received a gross payment of $10.10 million from the Kurdistan Regional Government for oil sa...
Norway >>  1/17/2018 - On 16 January 2018, the Norwegian Ministry of Petroleum and Energy (the "MPE") announced the awards of new production licenses through the Awards in P...

Russia >>  1/17/2018 - PetroNeft (PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Lice...
Austria >>  1/16/2018 - Brent crude prices consolidated recent gains at around $70 a barrel on Tuesday (16 Jan 2018), a level not seen since 2014ís dramatic oil market slump....

Iraq >>  1/16/2018 - Gulf Keystone announces that a crude oil sales agreement has been signed between Gulf Keystone Petroleum International Ltd ("GKPI"), on behalf of the ...
Rwanda >>  1/15/2018 - Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, and the International Renewable Energy Agency (IRENA), the glo...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gabon Oil & Gas 1 >>  2 | 3 |

More News

 

Oil & Gas Companies in Gabon >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.