Mozambique Eyes $880 Mln in Tax from Anadarko Takeover

September 27, 2019

© LEMONGATE / Adobe Stock
© LEMONGATE / Adobe Stock

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)



Current News

Keppel Delivers Jackup to Borr Drilling

Keppel Delivers Jackup to Borr Drilling

TechnipFMC Wins EPC Contract from PetroVietnam

TechnipFMC Wins EPC Contract from PetroVietnam

Denmark to Help Vietnam for Offshore Wind

Denmark to Help Vietnam for Offshore Wind

Crown Estate Opens Offshore Wind Round 4

Crown Estate Opens Offshore Wind Round 4

Boa Offshore Wins AHTS Contracts

Boa Offshore Wins AHTS Contracts

ProPetro Cuts Almost 150 Workers

ProPetro Cuts Almost 150 Workers

Greenpeace Activists Climb Shell North Sea Platform

Magazine

Offshore Engineer (Sep/Oct 2019)

This issue of Offshore Engineer is dedicated to Big Data and Digitalization

Archive
Subscribe

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week