By Michael Susin
Tullow Oil said it received a favorable decision from the International Chamber of Commerce, saying it isn't liable to pay a $320 million tax issued by Ghanaian authorities.
The West Africa-focused hydrocarbon producer said Thursday that an ICC tribunal decided the charge, which was issued by the Ghana Revenue Authority, wasn't applicable due to certain agreements.
The ICC arbitration seeks to resolve disputes in different countries instead of pursuing litigation in a court of law.
The company added that it continues to engage with the Ghanaian on two further disputed tax claims, which were referred to the ICC in February 2023.
"We are delighted with the outcome and decision of the tribunal, which affirms our assessment and removes a material overhang from our business," Chief Executive Rahul Dhir said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
January 02, 2025 12:55 ET (17:55 GMT)
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