Tullow settles Uganda tax dispute

22nd June, 2015

Tullow Oil has settled a capital gains tax dispute with the Ugandan government after agreeing to pay $250 million related to a 2012 farm-down deal with Total and CNOOC.

The company paid $142 million at the time and will pay the remaining $108 million in three equal installments. The first $36 million has already been paid and the remainder will be paid in 2016 and 2017.

"The settlement of this long-running dispute is good news for Tullow and Uganda," chief executive Aidan...

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