Russneft tax bill 'to hit $1.69bn'
News wires
Embattled Russian oil producer Russneft may see its back tax claims doubling
to more than 40 billion roubles ($1.69 billion) in a move that would further
complicate its sale, an industry source claimed today.
The source told Reuters the Federal Tax Service had discovered unpaid taxes
for up to 20 billion roubles for 2006, on top of the already upheld claim
of 20.5 billion for 2003-2005.
"The (service's) checks for 2006 were similar to the one made for 2003-2005,
but the figure has yet to be made public. As oil prices during the period
were high, back tax claims could amount to 18 billion to 20 billion roubles,
together with arrears and penalties," the source, who is familiar with the
inspection results, told Reuters.
The company and the tax service declined to comment.
A Russian court froze Russneft's shares last year and issued a warrant for the
arrest of its former owner, billionaire Mikhail Gutseriyev, who has accused
the state of bullying and using tax evasion charges to force him out of
business.
Gutseriyev agreed last year to sell Russneft to Basic Element, the investment
vehicle of Kremlin-friendly aluminium magnate Oleg Deripaska, but the deal,
bogged down in legal complications, has yet to be completed.
Swiss-based trader Glencore, which already owns stakes in some of Russneft's
production units, also filed a request with the anti-monopoly service to buy
some of the company's units.
The anti-monopoly service has said it would make a final decision on both bids
after all court proceedings are over.
Deripaska said in April he hoped to close the deal within months and take over
the company, in which Glencore would remain a partner.
Russneft moved to a net loss of 12.25 billion roubles last year compared with
a net profit of 9.94 billion roubles in 2006 as it started paying back taxes
and fines.
It also owes 32.58 billion roubles and $1.886 billion to a number of
creditors, including Russia's largest bank, state-controlled Sberbank and
Glencore.
The company produces around 300,000 barrels per day.
05 May 2008 09:27 GMT
| last updated:
05 May 2008 09:27 GMT
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