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8

TNK-BP Decided To Pay Back Taxes And Live In Security

Russian-British oil major TNK-BP said on Wednesday, that it was ready to settle a back tax claim

Russian-British oil major TNK-BP said on Wednesday, that it was ready to settle a back tax claim for 2001 of $1 billion worth by paying back $247 million.

The oil major was originally ordered to pay the tax claim of $87 million in November 2004, but TNK-BP played down the claim.
On April 11, 2005, the company announced that the back tax claims for 2001 have been raised to 26 billion rubles ($936 million) and stated that it would contest the claims in court. At that time that BP?s head John Browne met with Russia?s President Putin who tried to ease investors? worries and to reassure the British company that its investments in Russia are safe.

Now the company is to pay $247, which is slightly above market expectations, as analysts predicted $200 million.