RusEnergy

14.08.2006 MosNews - A Moscow arbitration court has confirmed a $130 million back-tax claim for fiscal 2001 against Russian-British joint venture TNK-BP, Russian newspapers reported on Monday, Aug. 14. TNK-BP, Russia's third-largest crude producer, had disputed the tax claim before the court ruling last Friday, Aug. 11,, business daily Vedomosti said. Analysts at investment bank UFG Deutsche Bank said that the claim was a modest one for TNK-BP, but added that it "lessens its chances of reducing another back-tax claim of about $2.1 billion dollars". TNK-BP, which has set aside $1.5 billion in view of numerous tax claims against it, could not be reached for comment. Fiscal claims, which are common in Russia due to frequent changes in legislation, are one of the key risks facing businesses, and are frequently condemned by businesspeople as a means of exerting pressure on them. TNK-BP is 50 percent held by BP PLC and 50 percent by the Russian groups Alfa Group and Access/Renova.