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Mozambique seeks cap gains tax from Cove sale
March 1, 2012 / 4:52 PM / 6 years ago

Mozambique seeks cap gains tax from Cove sale

MAPUTO, March 1 (Reuters) - Mozambique plans to impose a capital gains tax on the sale of UK-based Cove Energy Plc , the minerals minister said on Thursday.

Cove’s main asset is an 8.5 percent stake in the Rovuma Offshore Area 1, in Mozambique, where operator Anadarko said recoverable reserves could top 30 trillion cubic feet of natural gas.

Bidders for Cove so far include Royal Dutch Shell Plc and Thai state-controlled oil and gas group PTT .

“We are monitoring the negotiations and what we have said is that we are going to put in place a capital gains tax,” Esperanca Bias told journalists.

Reporting by William Mapote, writing by Agnieszka Flak

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