Chevron, USA and
Petronas, Malaysia were given the ultimatum to settle some tax liabilities or leave Chad within 24 hours.
Well, both companies have now signed a new agreement rendering the original tax agreement, signed in 2000, as invalid. This sort of invalidation will happen in African countries. They agreed to pay Chad a staggering US$280m (£150m) in overdue taxes.
More of a blackmail kind of situation to me, pay up or leave......might as well pay as investments have been incurred. They will go all out to reap as much profit in years to come to cover such additional taxes.
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