WSJ : Gabon Considering Back Tax Penalties Against Royal Dutch Shell

Gabon Considering Back Tax Penalties Against Royal Dutch Shell
Oil minister says audit could result in demand for about $100 million in back taxes from energy company
Fuel pumps display various Shell logos at a gas station in London in January. ENLARGE

Gabon’s oil minister said the country is considering levying tens of millions of dollars in tax penalties against giant energy company Royal Dutch Shell PLC, prompting the U.K. government to contact the African government, according to people familiar with the matter.

Gabon Oil Minister Etienne Ngoubou said the government was conducting an audit of the Anglo-Dutch company and considering demanding back taxes. He said the amount of back taxes the government would demand—if any—is likely under $100 million.

“But the audit is not finished,” he said in an interview.

The audit prompted the U.K.’s Foreign and Commonwealth office to contact the Gabon government in late March and urge it to provide a transparent and attractive environment for British businesses, the people familiar with the matter said.

Shell declined to comment.

Mr. Ngoubou said he wasn’t aware of any approach by the U.K. government to Gabon on behalf of Shell.

An FCO spokesman said the British government supports U.K. companies in Gabon and throughout the world. “We seek to encourage governments to improve the ease of doing business, to promote greater transparency and to boost the attractiveness of markets to investment by U.K. businesses,” he said, without commenting on the specific approach. Shell declined to comment.

Gabon, a West African country of 1.7 million people, produces 239,000 barrels of oil a day. Shell, there since 1960, operates onshore and offshore oil and gas assets from which it gets 12,000 barrels a day of oil.

If Gabon seeks back taxes from Shell, it would be the latest in a series of tax disputes with foreign oil companies. In February 2014, Gabon demanded tax arrears of $805 million from France’s Total SA, which it said was settled in November for an undisclosed amount.

In its approach to the Gabonese government, the U.K. also mentioned the African country’s dispute with U.K.-listed oil explorer Tullow Oil PLC.

Tullow is locked in protracted talks to recover a stake in oil fields that had been expropriated by Gabon. Tullow said in February it hoped to get the asset back by the end of June. Mr. Ngoubou said “discussions are continuing.”

(BFW) Brazil Billionaire Abilio Diniz Boosts Carrefour Stake to 5.07%

Brazil Billionaire Abilio Diniz Boosts Carrefour Stake to 5.07%
2015-04-09 15:50:26.674 GMT


By Andrew Roberts
(Bloomberg) -- Diniz’s Peninsula now fourth-largest
shareholder in Carrefour after Groupe Arnault, Motier and Colony
Capital, family holding co. says in statement. Also says:
* Investment is long-term, underscores confidence in
Carrefour’s growth potential
* No plan to increase stake, intends to contribute to
Carrefour’s development.


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Andrew Roberts in Paris at +33-1-5365-5015 or
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Marie Mawad

(Wansquare) Highways: finally found a modus vivendi

Highways: finally found a modus vivendi

No tariff adjustment is expected in 2015. In contrast, the concession period will be extended by 2 years. The agreement allows both parties to come out on top of this case, after 7 months of complicated negotiations.

After seven months of rather complicated negotiations where financial and political interests of each other have largely interposed an agreement has finally been found. As mentioned by the Prime Minister Manuel Valls from yesterday, there will be no tariff adjustment in 2015. And the smoothing is not expected in 2016. However, the state has agreed to extend two year term of the concession granted to various companies such as Vinci, Eiffage and Abertis. This agreement will further unlock the highway stimulus investment plan of 3.2 billion euros expected in the privatization

This should reduce the dispute between the State and the concessionaires, since the Competition Authority had pointed profitability levels "exorbitant" of the latter. Levels of the first applicants had strongly contested explaining that their business model is not appreciated in the light of the criteria. Since then, discussions had intensified to try to find a solution acceptable to everyone.

With the agreement signed today, politicians can claim to have postponed for two years a rate increase, the motorway companies, they will succeed to get back on their feet with the lengthening of the duration of the concession. There have also boosted during Vinci and Abertis, especially who has won more than 7% in stride. The release of the stimulus plan of 3.2 billion is as much a good news for construction companies who were looking forward to this white smoke. See now how these agreements will actually be implemented.

(Wansquare) Autoroutes : un modus vivendi enfin trouvé

Autoroutes : un modus vivendi enfin trouvé

Aucun rattrapage tarifaire n'est prévu en 2015. En revanche la durée des concessions sera prolongée de 2 ans. L'accord permet aux deux parties de sortir par le haut de cette affaire, après 7 mois de négociations très compliquées.

Après sept mois de négociations plutôt compliquées où les intérêts financiers et politiques des uns et des autres se sont largement interposés, un accord vient enfin d’être trouvé. Comme l’avait mentionné le premier ministre Manuel Valls dès hier, il n’y aura pas de rattrapage tarifaire en 2015. Et le lissage n'est pas non plus prévu en 2016. En revanche, l’Etat a accepté de rallonger de deux ans la durée de la concession accordée aux différentes sociétés telles que Vinci, Eiffage ou Abertis. Cet accord permet, en outre, de débloquer le plan d’investissement de relance autoroutière de 3,2 milliards d’euros prévu lors de la privatisation

Voilà qui devrait résorber le différend opposant l’Etat et les sociétés concessionnaires, depuis que l’Autorité de la Concurrence avait pointé du doigt des niveaux de rentabilité «exorbitants » de ces dernières. Niveaux que les premiers intéressés avaient vivement contestés expliquant que leur modèle économique ne s’appréciait pas à la lumière des critères retenus. Depuis, les discussions s’étaient intensifiées pour tenter de trouver une solution acceptable pour tout le monde.

Avec l’accord signé ce jour, les politiques peuvent se prévaloir d’avoir repoussé de deux ans une augmentation des tarifs, les sociétés d’autoroutes, elles, réussiront à retomber sur leur pied avec l’allongement de la durée de la concession. Ces annonces ont d’ailleurs dopé les cours de Vinci et d’Abertis, surtout qui s’est adjugé plus de 7% dans la foulée. Le déblocage du plan de relance de 3,2 milliards d’euros est tout autant une bonne nouvelle pour les sociétés de BTP qui attendaient avec impatience cette fumée blanche. A voir maintenant comment ces accords vont concrètement se mettre en place.

French highways : agreement found by French gov

Un accord a été trouvé avec les sociétés d'autoroutes, annonce Macron
TRANSPORT - Le ministre de l'Economie vient de l'annoncer...

Emmanuel Macron vient d'annoncer qu'un accord avait été trouvé avec les sociétés concessionnaires d'autoroutes. Cet accord doit acter un gel des tarifs des péages en 2015 et une relance de l’investissement.

Il a été conclu après deux ans et demi de bras de fer et juste avant l’assemblée générale de la Fédération nationale des travaux publics (FNTP).

AFP

>>> Statoil : Discovers oil in the Gulf of Mexico

Discovers oil in the Gulf of Mexico 
- made an oil discovery in its Miocene Yeti prospect located in the Gulf of Mexico (GoM).Statoil reports that its drilling efficiency with Yeti was among the best of any well drilled in Walker Ridge, achieving a drilling performance level of approximately 120 meters (400 feet) per day. The rig has moved on and is currently drilling Statoil's Thorvald prospect in the Mississippi Canyon block 814. 

Statoil is the operator (50%) of Yeti, and its partners are Anadarko (37.5%) and Samson (12.5%).