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Home >> Business
UPDATED: 08:51, September 12, 2006
Chevron to pay additional tax to maintain presence in Chad
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Chevron Corp. has agreed to pay additional taxes to the government of Chad, and in return it will be allowed to stay in an international consortium producing oil in the central African country, The Wall Street Journal reported on Monday.

Dieudonne Djonabaye, head of communications for the Chadian president's office, was quoted as saying that Chevron has committed to pay the taxes "in the coming days."

But the spokesman didn't say how much Chevron had agreed to pay.

Meanwhile, Chevron declined to comment on talks with Chad.

Chad's president, Idriss Deby, in late August ordered Chevron and Malaysia's Petroleum National Bhd., or Petronas, out of the country, saying they failed to pay back taxes amounting to 450 million dollars.

Consortium members Exxon Mobil Corp., Chevron and Petronas financed a 4.2-billion-dollar, 657-mile pipeline from Chad to Cameroon's Atlantic port of Kribi. Chevron has a 25 percent stake in the pipeline consortium, while Petronas has a 35 percent stake and Exxon Mobil has a 40 percent stake. The pipeline has a capacity of transporting 225,000 barrels a day.

Source: Xinhua

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