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(Sharecast News) - Tullow Oil has filed requests for arbitration with the International Chamber of Commerce in London over a $387m tax dispute with Ghana.
The tax assessments relate to the disallowance of loan interest deductions for the fiscal years 2010 - 2020 and proceeds received by Tullow under its business interruption insurance policy.
Tullow argued that two disputed tax assessments, breach its rights under its petroleum agreements and the decision to file for arbitration does not result in any change to the overall exposure previously disclosed.
It said that resolution through arbitration "will bring certainty, which is in the best interest of all stakeholders".
"Notwithstanding this formal step, Tullow intends to continue to engage with the government of Ghana with the aim of resolving these disputes on a mutually acceptable basis," the company said on Tuesday.
Reporting by Frank Prenesti for Sharecast.com
