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pipeline news & company tax cuts

  1. 549 Posts.
    Since taking my recent position in OSH after saying I would not invest further in developing countries, I have regularily followed news from PNG, mainly in fear of reading of coup or scandel.

    This comes from the Go AsiaPacific website, however it may be old news:

    Pipeline share sale

    Sir Moi says talks with the giant Japanese trading group Itochu are proceeding well in line with government plans to sell 10 per cent of its 22.5 per cent equity stake in the pipeline project.

    Besides the purchase price involved, Itochu would be required to raise concessional finance totalling 450 million US dollars for the cost of the
    government share in the project.

    Sir Moi says the gas project is expected to provide a 14 percent return while the pipeline would provide a nine per cent return.

    And from Today's National:
    THE Department of Petroleum and Energy expects tax revenue from crude oil to rise by 19.2 per cent in 2003 to K246 million compared to last years figure of K206.2 million.
    The department made this forecast despite this year's budget expectation that mining and petroleum taxes were estimated to decline by K13.7 million as a result of decline in world oil prices.
    Its June oil price report showed that oil export earnings hit a record of almost K1 billion in the six months to June even though production was at the lowest levels since production began in 1992.
    High world oil prices and a 6.8 per cent increase in exports to just over nine million barrels enabled oil export revenues to soar by 36 per cent to K980.3 million (US$263.7 million) during the first half of this year.
    From these export earnings, DPE paid its first installment of K82 million in tax revenue for the first five months of this year.
    In the 2003 budget, the government decided to introduce new incentives that saw oil company corporate taxes reduced from 45 to 30 per cent and the abolishing of additional profit tax to encourage exploration in the industry.
    DPE generates 18 per cent of the annual revenue that the government gets for its budget, and it accounts for 28 per cent of its export revenue.
 
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