Angola’s tax bill to Statoil has grown to 16 billion

StatoilStatoil.Photo: Norway Today Media

Angola’s tax claim against Statoil has increased to 16 billion. The requirement appears in the annual report.

The annual report states that there is a dispute with the Angolan Ministry of Finance regarding the Group’s participation in four different blocks on the Angolan continental shelf.

The Angolan Finance Ministry believes that Statoil should have delivered more oil barrels to the authorities in the years between 2002 to 2014, wrote Dagens Næringsliv newspaper.

The tax demand has risen by over 4 billion since the previous annual report.

Statoil wrote that the company is contesting the tax audit and pursuing the case via legal and administrative procedures in Angola. The company had chosen to make a provision that was less than the requirement, in case we didn’t get a full breakthrough.

‘It is normal that we make provision for such a scenario, and we’ve reported on this in our financial reporting over several years’, wrote the international spokesman, Erik Haaland, in an email to Dagens Næringsliv newspaper.

 

Source: NTB scanpix / Norway Today

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