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Daily Mail (UK): Russia hits Shell with demand for backtaxes

RUSSIA’S authorities opened a second front in their challenge to Shell, slapping a demand for back taxes on the Salym field in Siberia, one of the country’s largest onshore fields.

Local reports put the claim at ‘more than $10m’ (£5.4m). Shell (down 3p to 1817p) owns Salym with Sibir Energy. The Salym operating company said it would dispute the claim.

Shell is already under fire at the huge Sakhalin project, where costs have soared to £10.6bn. The higher they rise, the longer Russia must wait for revenues.

Russian oil has been highly profitable since crude prices rose. But foreign investors have been jittery about tax demands since they were used to crush Mikhail Khodorkovsky’s Yukos oil empire. He was jailed for eight years and Yukos offices were repeatedly raided.
Since then BP’s TNK joint venture and Russia’s Lukoil have been hit with demands for extra payments.

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