Oil executives object to Nigerian plan to raise taxes, royalties

Oil executives object to Nigerian plan to raise taxes, royaltiesExecutives from major oil companies told the Nigerian Senate on Tuesday that a measure to impose higher royalties on production and raise taxes would cost them billions and deter foreign investment. President Umaru Yar'Adua is trying to revitalize a sector troubled by declining production, attacks by militants on pipelines and deteriorating infrastructure. Oil Minister Rilwanu Lukman told The Wall Street Journal this year that he expected oil companies would object to changing the 50-year-old law, but that they know it is "only fair" to renegotiate. The Wall Street Journal (7/29)

Free IP Phones Checklist: What to ask before you buy — The information in this comprehensive document will help you effectively negotiate, lay out your business requirements up front, assess trade-offs and prepare for future possibilities. Get it now.