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Gulf Energy Gets Kenya Tax Breaks for Tullow’s Former Oil Fields

Bloomberg.com · last updated

Kenya agreed to grant tax breaks and allow higher recovery costs to an energy trading firm that acquired Tullow Oil Plc’s blocks in the East African country to accelerate development of the project whose output is planned for next year.

Nairobi-based Gulf Energy Ltd. will be exempted from paying value-added tax, withholding taxes and import levies on goods and services used in developing the South Lokichar basin, according to an amended production sharing agreement submitted to Kenyan lawmakers.

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