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Statoil, threatens to leave Norway

Monday, 19 November 2012
Norwegian oil giant, Statoil is threatening to move operations from Norway to abroad because of the new tax rules.

The partly state -owned oil company has reacted strongly to the government's new rules for the taxation on its oil operations abroad.

The change means that Statoil could one have a tax saving of Skr2.7 billion, according to Norwegian business daily, Dagens Näringsliv citing information on the English-language quarterly report for the third quarter.

"As a result of this change, it is natural that the group look again at the organization of the relevant companies to ensure our international competitiveness," says Director of Taxes Finn Lexow of Statoil to the newspaper.

The Reasons for the proposed tax change has to do with the government withdrawing Norwegian tax sponsorship to Norwegian companies' oil operations abroad.
by Scancomark.com Team

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