Business Irish

Thursday 27 April 2017

Tullow has 'zero tolerance' on bribery

EXPLORATION

Thomas Molloy

Thomas Molloy

TULLOW Oil chief executive Aidan Heavey denied bribery allegations in a letter to the speaker of the Ugandan parliament yesterday. Tullow takes a "zero tolerance" approach to bribery and corruption, the company added in a statement.

The Dublin-listed oil company said it plans to ask the Ugandan government what impact resolutions adopted by lawmakers earlier this week will have on its plans to sell stakes in exploration blocks in the country.

Earlier this year, this newspaper revealed that a leaked US embassy cable reported that a senior Tullow executive complained to the US ambassador in Uganda in late 2009 about corruption inside the Ugandan government.

The east African nation's parliament voted on Tuesday to delay Tullow's $2bn (€1.45bn) sale of part of its holdings in three blocks to France-based Total and China-based Cnooc and start a probe into alleged corruption in the industry.

The transaction was scheduled to be approved tomorrow. Ugandan President Yoweri Museveni said on Wednesday that he plans to discuss the resolution with lawmakers. Next year Tullow will begin pumping oil from the Lake Albert Basin.

Irish Independent

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