Petroleum Africa
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Thursday, April 2, 2015
Total wants to engage international arbitration over a tax disagreement with Uganda. The country has had enough commercial reserves booked for years, however a number of disputes, including the tax dispute, have held development of those reserves in limbo.
“Total E&P Uganda confirms that it has filed a request for arbitration before the International Center for Settlement of Investment Disputes,” Total’s Ugandan unit told Reuters. “The dispute relates to the imposition of stamp duty by the Uganda Revenue Authority, on the acquisition of Total’s interest in Exploration Area 2.”
Uganda says it expects commercial production to commence in 2018 at the earliest. It appears to be one issue after another out of Uganda. A major tax dispute resulted from Heritage Oil’s dispute with authorities over its sale of assets to Tullow Oil.
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