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Uganda’s energy minister has given Tullow Oil conditional approval to sell part of its stake in Ugandan oilfields to France’s Total and China’s CNOOC but only after $167 million (Sh16.7 billion) of tax on the deal is paid.
London-listed Tullow agreed early last year to sell Total most of its stake in Ugandan fields for $900 million (Sh90 billion) but CNOOC later exercised its pre-emption rights to buy half of the Tullow assets on sale.
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