20th Apr 2015 12:12
LONDON (Alliance News) - UK Prime Minister David Cameron has intervened in a battle between oil companies and the Gabon government after the petroleum ministry in the country expropriated assets from Tullow Oil PLC and threatened to fine Royal Dutch Shell PLC for non-payment of back taxes, the Financial Times reports.
Cameron has written to Gabon president Ali Bongo Ondimba following interventions made by the Foreign and Commonwealth Office in the past year which have failed to resolve the dispute. Cameron has pledged aid to Gabon as it battles against poachers and has stressed the importance of Britain's relationship with the country.
Early in 2014, Gabon oil minister Etienne Ngoubou locked Tullow out of negotiations on the renewal of its licence for the Onal field, effectively expropriating the FTSE 250-listed explorer's 7.5% stake. Ngoubou earlier in April also said it was considering levying penalties totalling tens of millions of dollars against Shell for back taxes.
http://www.ft.com/cms/s/0/205235d6-e691-11e4-afb7-00144feab7de.html#axzz3XpBDfttT
By Sam Unsted; [email protected]; @SamUAtAlliance
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