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Oil Companies love the new tax

jazyt69 Posts: 2 Newbie

24 March 2011 at 8:43PM in Motoring

Hi,

Was surfing today and found this quote which shocked me!!!

LONDON (Reuters) - Premier Oil said a tax hike on oil producers unveiled in Wednesday's budget will have minimal impact and could aid the company's own acquisition plans by making North Sea oil assets cheaper.
"We're sat on $1.1 billion (679 million pounds) worth of UK corporation tax allowances which means that over the next few years at least, we would not have been paying cash UK taxes at all," said Chief Executive Simon Lockett in an interview on Thursday.
The UK government upped a supplementary tax on oil producers to 32 percent from 20 percent on Wednesday, in a surprise move which Lockett said could help Premier's acquisition prospects in the North Sea.

:(:(:(:(:(

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Oil Companies love the new tax

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