Member access

4-Traders Homepage  >  Shares  >  Euronext Amsterdam  >  ROYAL DUTCH SHELL A    RDSA   GB00B03MLX29

ROYAL DUTCH SHELL A (RDSA)

400
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Nigeria Seeks $7.8 Billion From Oil Cos in Unpaid, Underpaid Taxes -Watchdog

06/11/2013 | 02:55pm US/Eastern
   By Sarah Kent 
 

LONDON--Nigeria's President Goodluck Jonathon Monday directed government agencies to recover $7.8 billion that audits carried out by the Nigerian Extractive Industries Transparency Initiative found oil companies operating in the country owed the government in unpaid and underpaid taxes, NEITI said Tuesday.

According to the audits, Nigeria's government has experienced a potential revenue loss of $9.8 billion as a result of under-assessments and under-payments of taxes and rents, process manipulation and poor interpretation of agreements between the government and companies, NEITI said, adding that it has already helped recover $2 billion but $7.8 billion remains outstanding.

However, in the past members of the industry have contested NEITI's findings.

Earlier in the year, Nigeria's state oil company, Nigeria National Petroleum Corp., or NNPC, vehemently denied findings by NEITI that suggested the company owed the government $8.16 billion for crude oil sales made between 2009 and 2011.

An industry source suggested that NEITI had misunderstood some of the figures it was given in its last report and clarification has been sought.

Foreign oil companies operating in Nigeria include Royal Dutch Shell PLC (RDSA), Eni SpA (E), Total SA (>> Total SA), Exxon Mobil Corp. (>> Exxon Mobil Corporation) and Chevron Corp. (>> Chevron Corporation).

Shell and Eni declined to comment. Total, Chevron and Exxon were not available to comment.

Write to Sarah Kent at sarah.kent@dowjones.com

Stocks mentioned in the article : Exxon Mobil Corporation, Total SA, Chevron Corporation
Latest news on ROYAL DUTCH SHELL A
5h ago ROYAL DUTCH SHELL A : Shell to review its assets as profits rise to pound(s)3.6b..
6h ago ROYAL DUTCH SHELL A : Voting Rights and Capital
6h ago SHELL MIDSTREAM PARTNERS : Raises $920 Million in New York I.P.O.
15h ago ROYAL DUTCH SHELL A : *lbbw cuts shell price target to 2600 pence - 'buy'
16h ago ROYAL DUTCH SHELL A : Shell Loses N23 Billion Over Insecurity in Nigeria, Others
1d ago ROYAL DUTCH SHELL A : *s&p capital iq cuts shell b price target to 2293 pence - ..
1d ago ROYAL DUTCH SHELL A : Shell's $5.8bn Q3 Revenue Expected
1d ago ROYAL DUTCH SHELL A : Shell faces fresh hurdles on oil block divestment
1d ago HENGYI PETROCHEMICAL : postpones commissioning of Brunei refinery to late 2017
1d ago ROYAL DUTCH SHELL A : MOGE says Myanmar would launch oil and gas auction in 2015
Advertisement
Chart
Duration : Period :
ROYAL DUTCH SHELL A Technical Analysis Chart | RDSA | GB00B03MLX29 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF