Uganda tax deal paves way for Tullow sale to Total
Tullow Oil has reached a binding tax agreement with Uganda, which should
allow it to close a sale to Total shortly.
Tullow Oil has reached a binding tax agreement with
Uganda, which should allow it to close a sale to Total shortly.
The Minister of Energy and Mineral Development has also approved the
transfer of the equity, and the operatorship, in Block 2 to the French company.
The government and the Ugandan Revenue Authority have approved the tax
agreement.
All governmental conditions have now been met, Tullow said. As such, the
transaction should close “in the coming days” after certain customary steps
have been completed.
Total will pay Tullow $500 million on closing. The French company will
then pay $75mn when it reaches a final investment decision (FID). Oil price
movemen...
