Thursday, 15 August 2013

ENI pays Mozambique $400m tax

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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