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About: http://data.cimple.eu/news-article/ed02c4f9ca7d2a9414c3e1b77f4183adbbb4bef37ee5f80ef4456901 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	French oil giant Total said Thursday it was raising its stake in an Ugandan oil project denounced by rights groups and environmentalists, through an asset-sale deal reached with UK's Tullow. Total said it would pay $575 million for Tullow's 33.33 percent stake in the Lake Albert project and proposed East African Crude Oil Pipeline (EACOP), which is to run through Tanzania. Total said it would make an inital payment of $500 million, and the remainder "when the partners take the Final Investment Decision to launch the project. "In addition, conditional payments will be made to Tullow linked to production and oil price, which will be triggered when Brent prices are above $62" a barrel, a Total statement said. Oil prices are currently languishing at around $20 a barrel. "The terms of the transaction have been discussed with the relevant Ugandan government and tax authorities and agreement in principle has been reached on the tax treatment of the transaction," it added. Struggling Tullow had launched negotiations with Total and China's CNOOC to offload its stake but they stalled last year over tax issues. CNOOC, the third partner in the 230,000 barrel per day project, has pre-emption rights for half of the stake to be sold to Total. Six French and Ugandan NGOs tried to force Total to review its participation in the two projects, led by CNOOC, over concerns that they would displace thousands and harm the environment. French NGO Les Amis de la Terre, or Friends of the Earth, said there would be "serious infringements of human rights," evoking the "expulsion of tens of thousands of people" and extensive environmental damage. Total replied that its "vigilance plan" for the projects conforms to law and "respects the rights of local communities." jmi/ach/wai
schema:headline	Total to raise stake in controversial Ugandan project
schema:mentions	Quakers Barrel French language Non-governmental organization Tanzania Human rights Earth United Kingdom China Friends of the Earth Uganda–Tanzania Crude Oil Pipeline Tullow Lake Albert (Africa) China National Offshore Oil Corporation
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-23 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	77 (xsd:integer)

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