Uganda: Tullow sale nears completion

Tullow Oil is finally set to close its $575m deal to sell its Ugandan assets to Total after the government and the Uganda Revenue Authority (URA) executed a binding tax agreement. Tullow, which announced in April that agreement in principle had been reached following discussions with President Yoweri Museveni, the URA and other government departments, said on 21 October the agreement reflected the pre-agreed principles on the tax treatment of the sale.