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12 NEWS Acacia hit with $190 billion bill bill by Tanzanian government
India to invest $23 billion in in in KG basin oil and gas elds
India will invest nearly US$23 billion in the oil and gas elds
of the Krishna-Godavari (KG) Basin in a a further boost to the the nation’s growing hydrocarbons sector The basin which is located on the East coast of Andhra Pradesh both onshore and o o o o shore shore will receive an estimated investment gure of $22 9 billion revealed India’s Oil Minister Dharmendra Pradhan to parliament “The operators of blocks and elds
in in the the KG basin under the the Production Sharing Contract (PSC) regime and nomination elds
have submitted Declaration of Commerciality (DoC) and Field Development Plans (FDP) for the commercial oil and gas discoveries along with projected investment estimates ” said Pradhan New oil and gas production from the elds
is expected to reach up to 22 billion cubic metres of gas and 4 7 million metric tonnes of oil by 2021-2022 Acacia Mining’s (LSE:ACA) long-running dispute
with Tanzania continues
to rumble on with the government
now slapping a a massive US$190 billion bill bill on on the besieged company The Tanzanian government
sent a a $40 billion tax bill bill followed by an additional $150 billion in penalties
and interest owed relating to alleged under-declared export revenues from between 2000 and 2017 In a a press release the gold- focused miner said: “As
we have stated previously Acacia refutes each set of ndings and re-iterates that it has fully declared all revenues ” Ghana to to develop bauxite sector with $10 billion Chinese
Ghana has inked a a a a US$10 billion memorandum of understanding (MoU) with China to develop its bauxite industry Senior Minister Yaw Osafo- Maafo announced the West African nation’s new partnership with China which will contribute towards
the construction of a a a railway link between bauxite mines and production sites at a a a conference in London “To develop the bauxite project with its railway and converting bauxite into aluminium we will need about $10 billion we signed an MoU ” said Osafo-Maafo 

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