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Mozambique targets $880 mln in tax from Anadarko takeover – report
1:18 CAT | 28 Sep 2019
File photo: Reuters
- Anadarko led a liquefied natural gas project in the southern African country, but it was replaced by Total
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.
ALSO READ: Mozambique LNG: President announces completion of transaction between Oxy and Total – Photos
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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.
ALSO READ: How Total’s CEO pounced on Anadarko’s African energy assets
Source: Reuters
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