Posted by: russiaoilandgas | July 25, 2007

Chevron Facing $290 Million Pipeline Squeeze

Chevron Caspian Pipeline Consortium Tax Bill 290 million TransneftChevron’s Caspian Pipeline Consortium is fighting a $290 million tax claim levied by the Russian Federal Tax Service, Bloomberg reports.  Chevron owns a 15 percent stake in the consortium, which operates an oil pipeline link that transports crude from Kazakhstan through Russia to markets elsewhere.

However, Russian state owned pipeline monopoly Transneft assumed management of the government’s 24 percent stake in June, and Chevron has already had to fend off attempts by Transneft to make Russian government policy easier to implement on the pipeline, according to Bloomberg.


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