Transparency is one of the core pillars of our Corporate Governance framework. We believe that the more transparent we are, the more confidence our stakeholders will have in management, thereby helping to bolster the investment climate. We strive to deliver timely and accurate materials concerning the Company’s performance and activity to ensure stakeholders have access to clear, factual information that accurately represents the Company’s position.
In that regard, the following table outlines the concession agreements for our operating assets in Egypt:
|Geisum and Tawila West|
|West El Burullus|
We are also committed to responsibly complying with tax laws and to having honest and clear relationships with tax authorities everywhere we do business.
|Type of Payment||2015||2016||2017|
|Bonus Payments||USD 200,000
|License Payments and Fees
(other than routine nominal administrative fees)
|Profits/Dividends Paid to Government||Nil||Nil||Nil|
|Profits/Income Tax||EGP 132,500,000||EGP 225,129,139||EGP 582,103,304|
|Value of Profit Oil Delivered to Government||USD 176,106,407||USD 154,394,961||USD 304,635,641|
|Other Fiscal Benefits to Government||Nil||Nil||Nil|