Tanzania to review gas & mining contracts to raise more revenue
Author: Ludger Kasumuni, The Citizen (Tanzania), Published on: 4 September 2014
"New move on gas, minerals" 4 September 2014
Tanzania Revenues Authority (TRA) wants to review all contracts signed between the government and investors in the lucrative gas and mining sector so that the country collects more revenue from them. However, already there is concern that if not well handled, the move could create uncertainty and fear among foreign investors. The TRA yesterday announced that it was looking for consultants to renegotiate all the Mining Development Agreements (MDAs) and Production Sharing Agreements (PSAs) signed between the government and investors to cushion possible revenue leakages...TRA Commissioner General Rished Bade...said yesterday the basic aim of the plan was to increase revenue generation from the mining sector, including expected revenue boom in the oil and gas sub-sector arising from the PSAs signed between Tanzania Petroleum Development Corporation (TPDC) and companies licensed to deal in oil and gas exploration.