Tullow Oil plc said has filed requests for arbitration with the International Chamber of Commerce in London for two disputed tax assessments totalling US$387 million from the Ghana Revenue Authority (GRA).
BREACH OF RIGHTS
“The assessments relate to the disallowance of loan interest deductions for the fiscal years 2010 – 2020 and proceeds received by Tullow Oil plc under Tullow’s corporate Business Interruption Insurance policy,” added the company.
“The requests for arbitration have been filed in accordance with the dispute resolution process set out in the petroleum agreements which govern TGL [Tullow Ghana Ltd]’s activities in Ghana.
“Tullow considers that the two disputed tax assessments, which total $387 million plus penalties, breach TGL’s rights under its petroleum agreements.”
The company added it intended to continue engaging with the Government of Ghana and the GRA to resolve the disputes.
PREVIOUS ARBITRATION REQUEST
Tullow previously filed a request for arbitration in respect of a separate assessment for Branch Profits Remittance Tax of $320 million in 2021.
A hearing in respect of this dispute is scheduled for October 2023.