Mozambique Eyes $880 Mln in Tax from Anadarko Takeover

Friday, September 27, 2019

Mozambique is targeting $880 million in capital gains tax from the takeover of Anadarko Petroleum by Occidental Petroleum, local newspaper O Pais reported on Friday.

Anadarko led a liquefied natural gas project in the southern African country, but it was replaced by Total after the French oil major agreed to buy Anadarko's African assets as part of the Occidental takeover.

President Filipe Nyusi announced the capital gains tax target after he met Occidental and Total managers in the city of Chimoio, O Pais reported.

Mozambique's economy has been hobbled in recent years by a hidden debts scandal, which prompted donors to cut off funding and deterred investment.

It is banking on its massive natural gas reserves to lift millions out of poverty.

In 2017, Mozambique sought $350 million in capital gains tax from Italian energy company Eni for its sale of a stake in the Coral South natural gas field to ExxonMobil.


(Reporting by Manuel Mucari; Writing by Alexander Winning; Editing by Alexander Smith)

Categories: Finance LNG Natural Gas Africa FLNG Regulations

Related Stories

Northern Lights Adds Third CO2 Carrier to Expand CCS Network

Shell Balances Gas Weakness with Oil Trading Gains

Golden Pass LNG Reaches First Production Milestone in US

Current News

Turkey Launches Deep Sea Drilling Mission in Somalia

OMV Nominates BP Executive Emma Delaney as Next CEO

Petrobras Buys Back Petronas Stake in Two Brazil Offshore Fields

OneSubsea to Supply Production Boosting System for Shenandoah Field

Subscribe for OE Digital E‑News