Tax officials are seeking $290 million tax arrears from the Caspian Pipeline Consortium (CPC). Transneft which manages 24 percent of the CPC’s stock has suggested issuing $5.5 billion eurobonds and raising transit rates to repay the debt. The initiative is to be discussed at the CPC’s upcoming shareholders' meeting.
Transneft President Semen Vainshtok on Thursday suggested raising transit rates for the pipeline and issuing $5.5 billion in eurobonds in an effort to repay the consortium’s $5 billion debt.
Transneft received 24 percent in the company from the federal property management agency in June.
Unofficial sources of Kommersant report new tax arrears of the consortium. A recent tax inspection added an extra $290 million to the claims against the CPC for underpaying taxes.
The Caspian Pipeline Consortium and the Federal Tax Service would not comment the reports.
New tax claims make the situation at the consortium more acute. Earlier, the chief executive at Transneft Finans said that the consortium may even face bankruptcy.
Kommersant sources in Transneft say the company is planning to raise transit rates through the pipeline from $24.5 per metric ton to $38 to ultimately reach $50.
The moves are to be discussed at the shareholder’s extraordinary meeting in late August or early September .
Transneft President Semen Vainshtok on Thursday suggested raising transit rates for the pipeline and issuing $5.5 billion in eurobonds in an effort to repay the consortium’s $5 billion debt.
Transneft received 24 percent in the company from the federal property management agency in June.
Unofficial sources of Kommersant report new tax arrears of the consortium. A recent tax inspection added an extra $290 million to the claims against the CPC for underpaying taxes.The Caspian Pipeline Consortium and the Federal Tax Service would not comment the reports.New tax claims make the situation at the consortium more acute. Earlier, the chief executive at Transneft Finans said that the consortium may even face bankruptcy.
Kommersant sources in Transneft say the company is planning to raise transit rates through the pipeline from $24.5 per metric ton to $38 to ultimately reach $50.
The moves are to be discussed at the shareholder’s extraordinary meeting in late August or early September .Via: Kommersant
