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15

TNK-BP's New Tax Claims Are Russian Party Fault: CEO

The Russian-British oil venture TNK-BP is likely to face new tax claims

BP's CEO John Browne said that the Russian-British oil venture TNK-BP is likely to face new tax claims for 2002-2003 by Russian tax authorities.

Earlier TNK-BP faced an almost $1 billion back tax claim for the 2001 fiscal year. The claim was later reduced and Browne himself received assurances from Russia?s President Vladimir Putin that there would be no second ?Yukos case?.

Browne said, ?The temperature always keeps changing ? from cold to medium ? but the back taxes were sorted out for 2001 and I expect there will be further large claims for 2002 and so on, but equally these are not unusual. There are many other places in the world where large claims are made. Discussions usually take place and a settlement is reached.?

He emphasized, that the venture was created in 2003, and all of the tax claims for the previous years are the responsibility of Russian party - TNK owners, which are Russian investment consortium Alfa Group and the Access/Renova group of companies.