The Italian energy company ENI has
agreed to pay 400 million US dollars in capital gains tax to the Mozambican
authorities. The tax agreement was announced on Tuesday when the ENI Chief
Executive Officer, Paulo Scaroni, met Mozambican President Armando Guebuza in
Changara district in the western province of Tete.
ENI heads the consortium exploring
for hydrocarbons in Area Four of the Rovuma Basin, off the coast of the
northern province of Cabo Delgado, where vast deposits of natural gas, amounting
to some 80 trillion cubic feet, have been discovered. ENI signed an agreement
on 13 March with the China National Petroleum Corporation (CNPC), under which
CNPC was to pay 4.21 billion US dollars for 28.57 per cent of the ENI stake in
Area Four. Since ENI held 70 per cent of the rights to Area Four, this equated
to 20 per cent of the total stake.
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