Tullow Oil calls off Uganda stake sale to Total, CNOOC [Reuters]
TULLOW OIL PLC UNSP/ADR (TUWOY)
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Source: Reuters
Tullow Oil calls off Uganda stake sale to Total, CNOOC - Reuters 2 Min Read LONDON (Reuters) - Tullow Oil’s sale of a stake in its planned 230,000 barrel per day project in Uganda to France’s Total and China’s CNOOC has been called off due to a tax dispute with the Ugandan authorities, Tullow said on Thursday. The London-listed firm had previously sold about two thirds of the project to CNOOC and Total for $2.9 billion, in transactions completed by 2012. Thursday’s announcement relates to the further reduction of Tullow’s stake to about 11%, which would have raised $200 million helping the British firm reduce its net debt which stood at $2.9 billion at mid-year and reduce its operational commitments to the project by around $700 million. Tullow said the firms involved in the deal could not reach an agreement with the Ugandan Revenue Authority on the tax relief for money to be paid by Total and CNOOC to Tullow. “Tullow will now initiate a new sales process to reduce its 33.33% operated
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