Galp Takes Step to Start Arbitration Over Mozambique Tax Dispute

Portuguese energy company Galp Energia has decided to take the first step toward initiating arbitration proceedings against Mozambique over taxes linked to the sale of its stake in natural gas assets in the African country.

• Galp says it has formally notified the State of Mozambique of a dispute under international reciprocal promotion and protection of investments
• Company will request the assessment of the Mozambican State’s conduct in relation to the capital gains tax dispute arising from the sale of its stake in Mozambique Area 4
• “This notice marks the first step toward initiating arbitration proceedings,” it said
• NOTE: Earlier this ...