Norway

Røkke receives 13 billion from the state

Hess Norway, an oil company acquired by Kjell Inge Røkke’s Aker BP, receives NOK 13 billion in cessation refund, writes Dagens Næringsliv.

The refund was foreseen in the acquisition, writes the newspaper .

The background is a scheme which implies that the oil companies receive the tax value of the loss if the company is put down.

Spokesman Ole Johan Faret in Aker BP says the tax balance was well communicated in the press release when Hess Norway was bought up.

The tax system explains the system in a press release Monday: “If a company on the Norwegian continental shelf chooses to terminate the business, the company may claim to be paid the tax value of uncovered loss and unused free income related to the business. By 2017, eight companies have demanded such payments totaling NOK 13.9 billion. 

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