7th Dec 2005 14:25
Total S.A.07 December 2005 Russia: End of the Kharyaga Arbitration Process uParis, December 7, 2005 - Total is pleased to announce the resolution, out ofcourt and as a result of constructive negotiations with representatives of theRussian Federal Government and Administration of the Nenets Autonomous Region,of all issues in regards to the Kharyaga Production Sharing Contract which werethe subject of an international arbitration in Stockholm. Within this framework the Production Sharing Agreement Joint Committee, themanaging body of the Kharyaga project consisting of representatives of theFederal Government, Nenets Autonomous Region Administration and partneredcompanies approved the relevant past annual work programs as well as pastbudgets and past cost recovery. As a result, the Russian Tax Authorities haverevoked their tax claims. Total is the operator of the field with a 50% participating interest along sideNorsk Hydro also with a 40% interest, and the Nenets Oil Company with a 10%interest. * * * * * * * Total is the fourth largest oil and gas company in the world with operations inmore than 130 countries. Total's activities cover the whole energy chain of thepetroleum industry: exploration, oil and gas production, refining and marketing,trading and power generation. The Group is also a major player in chemicals.Total has more than 111,000 employees worldwide. More information can be foundon the company's website: www.total.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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