BP, Alaska Settle $379 Mln Tax Dispute, Says Governor

Wall Street Journal
January 1, 2008

December 31, 2007 6:00 p.m.

JUNEAU, Alaska (AP)–BP PLC (BP) and Alaska have resolved a tax dispute that will result in a $379 million payment to the state.

Gov. Sarah Palin announced the settlement Monday.

The dispute stems from taxes assessed in 2000-2002, but state law precludes disclosing details of the dispute, the governor’s office said.

Palin said the money will go to the state’s Constitutional Budget Reserve. It’s also the sum she proposed placing in the reserve during her budget rollout in early December.

In a statement, Palin said she appreciated “BP’s willingness to work with the state of Alaska and come to a fair resolution.”

BP officials could not immediately be reached for comment


BP Misses End-2007 Goal Of 400,000 B/D At Texas City Refinery
January 1, 2008 11:00 a.m.

LONDON (Dow Jones)–BP PLC (BP) has missed a year-end 2007 goal to ramp up capacity to 400,000 barrels a day at its Texas City refinery, according to information provided Tuesday by the company.

A BP spokesman said the target had not been completed because the restart of a remaining sour crude unit is taking longer than planned.

Commissioning at the unit, which is to start shortly, “is expected to take four to six weeks and thereafter Texas City will be running with available crude capacity of 400,000 b/d,” he said.

The plant shut in September 2005, ahead of Hurricane Rita, and has been restarting slowly as BP tries to address mechanical and safety problems at the plant, which had a major explosion in March 2005.

“Our goal has always been to do a thorough job of inspecting and refurbishing major process units before carefully and safely recommissioning them. Quality and safety, not schedule, have always been our priority,” the spokesman said.

~ by fredfelleman on January 5, 2008.

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