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Tullow Uganda tax ‘agreed in principle’

Tullow Oil says it has “agreed the principles” of a capital gains tax payment to the Ugandan government on the farm-down of its assets. The company said in its 2018 results statement on 13 February that tax payments would be phased and partly linked to project progress. A final investment decision (FID) on the upstream development is held up by a government demand for a $167m tax payment on the $900m farm-down deal.

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