Anadarko considers Algeria assets seizure –

Anadarko Petroleum has considered seizing the foreign assets of Sonatrach to enforce judgment if the US group wins a $3bn claim against its Algerian partner over the country’s windfall tax on oil.

The North African country introduced a tax on exceptional profits in 2006, levying half of foreign operators’ revenues whenever the oil price exceeds $30 per barrel. Anadarko argues this tax – which it says cost it $193m last year – violates an agreement it signed with state-owned Sonatrach in 1989. An arbitration hearing on the dispute is planned in Paris in June

via / Companies / Oil & Gas – Anadarko considers Algeria assets seizure.

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