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Lloyds List: Tax claim threatens Caspian oil

Published: Jul 27, 2006

CRUDE exports through the Caspian Pipeline Consortium and Black Sea port of Novorossiysk could be under threat after Russian authorities made a $175m back tax claim.

CPC’s accounts at the Russian subsidiary of ABN Amro bank have been frozen until the tax claim is paid off, the Kommersant business newspaper reported.

The Chevron-operated joint venture is the only pipeline through Russia not controlled by Transneft. It is a vital artery for Kazakh crude as it links its oilfields to European markets by tanker traffic across the Black Sea.

Oil majors BP, Shell and ExxonMobil and Russian companies TNK-BP, Lukoil, Rosneft and Surgutneftegas are partners in CPC, while the Russian and Kazakh governments also have interests.

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