AGENCIES OFFER TIPS TO AVOID TAX FRAUD, IDENTITY THEFT

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http://www.statesman.com/news/lifestyles/agencies-offer-tips-to-avoid-tax-fraud-identity-th/nWXM3/

It’s tax fraud season. If you have to file a return, you only have until April 15 to become the unwitting target of tax-preparer fraud or have your personal information and identity stolen (unless you get an extension, of course).

It sounds extreme, but think about it — when you file a tax return, especially electronically, you’re forking over a lot of personal information, including your Social Security number and bank information, which is required on the forms. That provides scammers with a lot of incentive, enough that the Internal Revenue Service and the Better Business Bureau are teaming up to issue tax fraud warnings.

 

FRAUD

The IRS warns consumers that fraudulent tax preparers might pad their tax returns. Scammers who do this often base their fees on a percentage of the expected refund — more money for you, legitimate or not, means more money for them. Other shysters might alter return information and pad refunds without the taxpayer’s knowledge after the forms have already been signed. The taxpayer receives their expected refund and the preparer deposits the excess to a different bank account.

Another fraudulent-preparer scam involves altering the bank account and routing numbers on an already-signed tax return to a different account. In this case, the filed return is accurate, but the taxpayer never sees a refund at all — it all goes to the scammer.

Finally, a scammer can file an unauthorized return. Say you visit a shady tax preparer but decide for whatever reason not to use them. Later, you attempt to file on your own, or file through a different preparer, only to have your return rejected because the scammer has gone ahead and filed your documents anyway, routing your refund to their own bank account.

In these cases, the unwitting taxpayer is responsible for the discrepancies. Luckily, most tax preparers are legitimate, and these scenarios can be avoided with common sense and homework.

“Do your research now,” says Erin Dufner of Austin’s Better Business Bureau, “because you could be more rushed as deadline approaches.” Ask friends and family to recommend reliable tax professionals. If you’re unsure of a preparer, you can check out companies’ business reviews at bbb.org.

The IRS is warning consumers to avoid preparers who:

• Advertise through homemade flyers and brochures implying credits or refunds are available without proof of eligibility.

• Offer free money with no documentation required.

• Promise refunds for “Low Income — No Documents Tax Returns.”

Those tactics should raise a red flag.

Here are other tips from the BBB to help you choose a reliable tax professional:

Hire a pro. Credentialed tax preparers such as enrolled agents, certified public accountants and tax attorneys have completed exams on tax matters and are obligated to stay current on tax law through continuing education. In addition, should you be audited, tax attorneys and CPAs can represent you in court.

Get an estimate. Your return will cost more or less to prepare depending on the intricacy of your situation and time required to prepare the forms. “Go through the information and give as much detail as you can and get a firm estimate on how much it’s going to cost to prepare your taxes in writing,” Dufner says.

Avoid claims that sound too good to be true. Tax law doesn’t vary from preparer to preparer. Be wary of any preparers who promise larger refunds than their competition. “And absolutely be wary of anybody who says that the estimate they give you will be based on the anticipated refund,” Dufner says.

 

IDENTITY THEFT

The BBB recommends that consumers file their taxes electronically and have refunds deposited directly into their bank accounts. “That’s the fastest way to get your refund, and it also cuts down on fraud because you will be submitting your information directly to the IRS through a secure server,” Dufner says.

“Because so many people are choosing a tax preparer online, there are some things they need to look out for,” she adds.

Scammers might use the IRS’s name or logo in bogus communications, especially online. They might be trying to obtain personal and financial information to facilitate identity theft. The BBB says that the IRS never initiates taxpayer communications through email. If you receive unsolicited email claiming to be from the IRS, do not respond with any personal information and report it to the IRS at phishing@irs.gov.

The IRS also warns consumers to be wary of Internet solicitations that direct taxpayers to toll-free numbers and then solicit Social Security numbers. “Make sure you know exactly who you’re sending your personal information to,” Dufner says.

 

CLICK TO READ MORE:

http://www.dailymotion.com/video/xuzkch_tips-to-avoid-online-auction-scams-bp-holdings_news#.US_crqJTB3A

 

http://www.youtube.com/watch?v=eKfPGlZVoW4

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VERSCHIL TUSSEN NALATIGHEID EN INKOMSTENBELASTING FRAUDE, Calameo

http://en.calameo.com/read/001872430896ad316ae51

Als u een van de mensen die zijn van het verschil tussen nalatigheid en belastingfraude te verwarren je bent niet alleen, velen zijn klankbord van deze twee. Nalatigheid is een gebrek aan redelijke maatregelen treffen om te voorkomen dat schade of verlies veroorzaakt aan een andere persoon. Nalatigheid vindt echter tijd om te worden bewezen.

Er is een plicht in de omstandigheden te zorgen duty of care het gedrag of de passiviteit van de verweerder in de omstandigheden niet voldoen aan de standaard van zorg die een redelijk persoon zou voldoen aan in de omstandigheden (schending van de plicht) de eiser heeft geleden schade of verlies dat een redelijk persoon in de gegeven omstandigheden kon worden verwacht om te voorspellen (schade) de schade werd veroorzaakt door de schending van de plicht (oorzakelijk verband). Nu, wat is inkomstenbelasting fraude, fiscale fraude doet zich voor wanneer individuele, onderneming of vennootschap eigenaren opzettelijk produceert informatie met betrekking tot hun fiscale aangiften te beperken hun bedrag belastingverplichtingen. Belastingfraude is in feite gaat om onjuiste voorstelling van zaken of weglating van gegevens over de BTW-aangifte om te voorkomen dat het betalen van de gehele fiscale verplichting. Niet-naleving op wettelijke verplichtingen, vervalsen of het achterhouden van informatie is tegen de wet. Valse inhoudingen beweren, beweren persoonlijke uitgaven als zakelijke uitgaven en niet rapporteren inkomen zijn voorbeelden van fiscale fraude.

 

READ MORE AT: http://www.bpspainholdings.com/2012/11/difference-between-negligence-and-income-tax-fraud/

 

JOIN US AT: http://en.calameo.com/groups/4991/discussions/

bp spain holdings, barcelona madrid news , HUOLIMATTOMUUS JA TULOVERO PETOSTEN

http://www.bpspainholdings.com/2012/11/difference-between-negligence-and-income-tax-fraud/

bp holdings

Jos olet yksi niistä ihmisistä, jotka ovat sekoittaa huolimattomuudesta ja veropetosten ero et ole yksin, monet ovat näiden kahden levy. Laiminlyönnistä ole asianmukaista huolellisuutta välttää aiheuttaa vahinkoja tai menetyksiä toiselle henkilölle. Mutta huolimattomuudesta vie aikaa osoittaa.

on velvollisuus huolehtia huolenpitovelvollisuus olosuhteet

toiminnan tai toimimattomuuden olosuhteissa vastaaja ei täyttänyt tavanomaista hoitoa, joka järkevä ihminen pitäisi olosuhteissa (rikkominen)

Kantaja on kärsinyt vammoista tai menetyksistä järkevä ihminen olosuhteissa kohtuudella odottaa ennakoivan (vahinko)

vahinko johtui rikotaan tulli (syy)

Nyt mikä on tulovero petoksia, veropetosten ilmenee, kun yksittäiset, liiketoiminnan tai yrityksen omistajat tarkoituksella tuottaa tietoa niiden veroilmoitukset verovelat määrän rajoittamiseksi. Veropetos on pohjimmiltaan liittyy vääristelemänsä tai salaamansa tiedot veroilmoituksen joudu maksamaan koko vero velvoite. Noudattamatta lakisääteinen väärentäminen tai tiedottamatta jättäminen on vastoin lakia. Väittäen vääriä vähennykset, väittäen henkilökohtaisista kuluista kuin liiketoiminnan kuluja ja ole raportointi tulot ovat esimerkkejä veropetoksia.

Onko huolimattomuudesta tai veron petos? Veroprosentti on erittäin monimutkainen aihe, jota monet meistä ei voi helposti ymmärtää. Maallikon aikavälillä huolimattomuus on vain rehellinen virhe. IRS voi yleensä erottaa, jos virhe johtuu huolimattomuudesta tai tahallisesta verolainsäädännön kiertäminen. Veropetosten syntyy, jos:

Liioittelua vapautukset ja vähennykset

Asiakirjojen väärentäminen

Salaaminen tulojen siirtoa

Pitämällä kaksi kirjaa

Käyttämällä väärennettyjä henkilötunnuksen

Väittäen poikkeus jota ei ole riippuvainen

Tahallaan pienemmiksi tuloja

Eivät maksa veroja, jotka

Tahallisesti arkistointi veroilmoitus

Raportointi ei saanut tulovero

Viime vuonna vain. 0022 % Amerikan re tuomittu veronmaksajien vero rikokset. On yllättävän pieni, ottaen huomioon se, että on helppo huijata verovelvoitteita. Miksi se on mahdollista? Tilintarkastajat antavat aina epäillään vero rikoksentekijöiden eduksi; he olettavat, että se oli vain rehellinen virhe.

Ihmiset huijaavat niiden vero tahallaan pienemmiksi tuloja. Huolimaton virhe voi maksaa sinulle 20 % rangaistus veron lasku, vaikka veropetosten maksaa 75 % siviili rangaistus. Vaikka tilintarkastajat eivät ole tutkijoita, he ovat uskottavasti havaita epäiltyjä henkilöitä ja voi bongata tyyppejä rikkomuksista, nimeltään petoksen merkit. Yllättäen toisistaan huolimattomuudesta ja petos on epäselvä jopa IRS ja tuomioistuin. Mutta koska verojärjestelmä perustuu veronmaksajien kuuliaisuus, he yleensä estää kansalaisille tiedotetaan veronmaksajien rikoksentekijän vankeutta tai epäinhimillinen seuraamuksia. Mutta vaikka mahdollisuudet tulla tuomituksi ovat pieni on paras olla rehellinen kaikessa mitä teet aivan erityisesti teidän verovelvoitteiden.

Bp holdings

UPDATE 2-RYSSLAND REGULATOR SÄGER BP DEAL KANSKE ROSNEFT’S LAST, LinkedIn

http://www.linkedin.com/groups/BP-Holdings-Ian-4691310

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Direkt kostnadsbesparingar på nya uppströms project

* Pellnäs att leverera olja till Kina från TNK-BP drivs fältet

* Antitrust chef säger inga fler stora Rosneft handlar sannolikt

* Pellnäs att upprätthålla utdelning utbetalningar 25 procent

Melissa Akin och Olesia Astakhova

Moskva, okt 23 Reuters) – Rysslands monopolbegränsning tillsynsmyndighet varnade statskontrollerade olja producent Rosneft på tisdagen att 55 miljarder dollar mycket att köpa konkurrerande tillverkare TNK-BP skulle sannolikt sin sista stora förvärv.

Affären, gick på måndagen med säljare BP Plc och dess partner i Ryssland, världens bästa producent, skulle skapa en kombinerad grupp leverera över en tredjedel av landets dagliga 10,4 miljoner fat råolja utdata och kunde bevisa det hög – vatten märket för Rosnefts snabba tillväxt i hemmet.

Antitrustreglerna chef Igor Artmeyev berättade Interfax news agency som gruppen skulle falla i tillåtna intervallet 35-50 procent av marknadsandelar, men skulle utsättas för framtida affärer nära granskning.

“Om de köper två badrum och en bensinstation, det är en sak. Om de pratar om vissa större affär, då anser jag att nr,”sade han.

bp holdings corporate groups

READ FULL ARTICLE AT: http://www.linkedin.com/groups/BP-Holdings-Ian-4691310

JOIN US AT: http://www.linkedin.com/groups/BP-Holdings-Barcelona-Madrid-Spain-4620460

Partnere i det Karibiske Havet – Wordpress

http://bpholdingsger.wordpress.com/2012/11/23/partnere-i-det-karibiske-havet-slideboom/

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Dobbelt-øya nasjet av Trinidad og Tobago puncher godt over dets vekt i den globale økonomien, takk til detse rikelige hydrokarbonreserver. Det samme er sann innenfor BP, med drift i Trinidad og Tobago forklare omkring 12% av det selskaps totale globale oljen og gassproduksjon. Det er et langt og fruktbart forhold som BP håp vil fortsette å florere og å vokse i årene å komme…

bp holdings madrid spain news articles

 

READ MORE AT: http://bp-holdings.bravesites.com/entries/business/bp-holdings-capital-management-partnere-i-det-karibiske-havet

 

VIEW PRESENTATION: http://www.slideboom.com/presentations/649075/BP-Holdings—Partnere-i-det-Karibiske-Havet

GOUVERNEMENT INDONÉSIEN APPROUVE LE PLAN DE DÉVELOPPEMENT POUR L’EXPANSION DE TANGGUH LNG

http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7079733

Ministère de l’énergie et des ressources minérales, pétrolière et gazière Agence exécutive Indonésie BPMIGAS ont approuvé en principe le Plan d’autre développement (POFD) pour l’expansion du projet de gaz naturel liquéfié (GNL) dans la province de Papua Barat Indonésie orientale actionnés par BP Tangguh.

L’approbation a été annoncée aujourd’hui par UK premier ministre David Cameron à Londres après une rencontre bilatérale avec le le Président Susilo Bambang Yudhoyono Indonésie, suivi par le groupe directeur général de BP, Bob Dudley et BP président régional Asie Pacifique, William Lin.

Au début de septembre, au nom des partenaires de projet de Tangguh, BP a soutenu le plan de l’élaboration d’un troisième train de liquéfaction de LNG (former 3) de Tangguh. Approbation du plan est une étape importante en vue de la décision d’investissement finale pour cette expansion, qui est actuellement prévue de tenir en 2014. Cela permettrait potentiellement d’opérations de mise en service du nouveau train débutera en fin 2018.

L’investissement total dans le Train 3 par les partenaires du projet Tangguh est actuellement estimée à jusqu’à US$ 12 milliards (£7.5 milliards).

David Cameron a déclaré: « cette entente sur le développement d’un £7.5bn est une excellente nouvelle pour BP, l’un des principaux investisseurs étrangers en Indonésie. C’est un énorme coup de pouce à l’essor du commerce du Royaume-Uni et de l’investissement dans le marché émergent de l’Indonésie. »

L’expansion de Tangguh sera une étape importante vers la réalisation du plein potentiel de cet atout stratégique majeur. Approuver le plan d’aujourd’hui est un progrès important et une démonstration de notre engagement à long terme pour l’Indonésie et de la bonne coopération avec son gouvernement. Je tiens particulièrement à remercier le ministère de l’énergie et BPMIGAS pour tous leurs efforts dans la prestation de cette approbation, » a déclaré Bob Dudley.

BP et ses partenaires dans le projet de Tangguh maintenant commencera d’appels d’offres pour l’ingénierie d’avant-projet et concevoir des services (FEED) pour le projet ferroviaire 3.

Le projet d’agrandissement s’appuiera sur l’opération établie des deux trains liquéfaction existant sur le site de Tangguh LNG, qui est situé dans la régence de Bintuni Teluk dans Papua Barat. Train 3 devrait ajouter 3,8 millions de tonnes par an (mtpa) capacité de liquéfaction à Tangguh, portant la puissance totale du projet à 11,4 Mt/an.

« Le projet de Tangguh contribuera à satisfaire la demande croissante d’énergie en Indonésie, ainsi que la région Asie-Pacifique, au profit des communautés locales en Papua Barat et BP et ses partenaires, l’Indonésie, » a déclaré William Lin.

Dans le cadre de la POFD, BP et ses partenaires ont également engagé dans une équipe multidisciplinaire pour aider exigences LNG de l’Indonésie adresse ainsi que les besoins énergétiques locales à Teluk Bintuni Regency.

Aux termes du plan, BP et ses partenaires ont accepté de vendre et d’alimentation de 40 pour cent de la production de LNG de Train 3 à l’entreprise publique d’électricité de l’Indonésie PT.PLN (Persero) pour le marché intérieur indonésien.

En outre, dans le cadre du plan jusqu’à 15 millions de pieds cubes standard par jour de gaz canalisé, alimenté par les champs de Tangguh et suffisante pour générer jusqu’à 50 MW d’électricité, serait alloué pour la vente de la date de la mise en service du Train 3. Cela serait d’approvisionnement et activez les infrastructures locales et des entreprises commerciales ainsi que stimuler le développement industriel léger, surtout dans les villages de la rive-nord de Teluk Bintuni régence et au-delà.

Enfin, reconnaissant les besoins immédiats qui existent dans la région, le plan comprend accord pour jusqu’à 8 MW centrale d’énergie produite à l’usine de Tangguh vendues à PLN pour vendre et distribuer aux communautés résidentielles dans le kabupaten de Bintuni Teluk. L’électricité devrait être fourni par étapes, la première disponible en janvier 2013 et jusqu’à un autre 4MW 4MW consentir aux PLN au cours des années suivantes pour fournir de l’électricité à plus de communautés résidentielles.

Tangguh est exploité par BP Indonésie comme entrepreneur pour l’huile de l’Indonésie et l’organe de régulation de gaz BPMIGAS. BP détient à 37,16 % dans le projet. Autres partenaires contractuels de Tangguh sont MI Berau B.V. (16,30 %), CNOOC Ltd. (13.90 %), Nippon Oil Exploration (Berau), Ltd. (12.23 %), Wiriagar de Berau/KG KG (10.00 %), LNG Japan Corporation (7,35 %) et le Talisman (3,06 %)

BP a 45 ans d’expérience en Indonésie et est l’un des principaux investisseurs étrangers dans le pays. Activités sont dominées par ses activités d’exploration et de production, particulièrement les LNG de Tangguh qui a commencé ses activités à la mi-2009.

Plus réglementaire et approbations partenaire sera nécessaires avant que soit prise la décision d’investissement finale pour l’expansion de Tangguh.

Informations complémentaires :

Nom : Ternisien Yuliandini

Téléphone :  +62 21 7854 9864

Courriel : tantri.yuliandini@se1.bp.com

FICO UNLEASHES NEW ANALYTICS FOR FIGHTING AMERICA’S $700+ BILLION HEALTHCARE FRAUD, WASTE AND ABUSE PROBLEM, BP Holdings

FICO Insurance Fraud Manager 3.3 adds link analysis, facility model to boost detection of fraud rings and suspicious providers

MINNEAPOLIS, Oct. 2, 2012 — /PRNewswire/ — FICO (NYSE:FICO), the leading provider of predictive analytics and decision management technology, today released the latest version of FICO® Insurance Fraud Manager, the most advanced system for detecting and preventing healthcare insurance fraud, waste and abuse. FICO® Insurance Fraud Manager 3.3 integrates link analysis with business rules and predictive analytics, and also adds a facility model for detecting fraud at a hospital or an outpatient provider.

 

“Fraud has always been a part of the insurance business, but the magnitude of insurance fraud today is startling,” said Russ Schreiber, who leads FICO’s insurance practice. “Experts estimate the annual cost of health care fraud, waste and abuse in the US to be upwards of $700 billion, and last May one Medicare fraud scam alone racked up $452 million. Now, with FICO Insurance Fraud Manager 3.3, insurers have a better way to fight back.”

 

FICO Insurance Fraud Manager 3.3 boasts the first fully integrated link analysis capability with an insurance fraud application. Insurers who previously had to configure separate link analysis tools can now save time and improve results with an easy-to-use solution preconfigured to use health care claims data. With FICO Insurance Fraud Manager 3.3, insurers can investigate organized fraud rings using the visualization capabilities of a proven link analysis tool set, and easily create displays that reveal connections between disparate claims, patients and providers.

 

“Integrating link analysis with Insurance Fraud Manager’s powerful analytics and our advanced business rules gives insurers three ways to combat fraud, waste and abuse,” said James Evans, vice president of network and financial management at McKesson Health Solutions, which provides Insurance Fraud Manager’s analytics to U.S. insurers via its InvestiClaim® solution. “This triple protection gives insurers a powerful tool for fighting fraud, waste and abuse.”

 

The new facility model in FICO® Insurance Fraud Manager 3.3 scans enormous volumes of claims data for recurring, suspicious activity at a hospital or an outpatient provider. Telltale signs may include unusual scheduling with a single patient, unusually expensive procedures, and even such issues as patients being discharged and readmitted, which can indicate problems with quality of care.

 

Universal American, which piloted this model with FICO, received a 2012 FICO Decision Management Award this month for its use of FICO Insurance Fraud Manager to control costs and prevent fraud losses. Universal American, a leading provider of health benefits to people with Medicare, has implemented the FICO Insurance Fraud Manager solution into their claims workflow prior to payment, and integrated it with their claims platform, Facets.

 

“One key to success in stopping inappropriate billing is to identify such bills before they are paid,” Tyrina Blomer, Medicare Compliance Officer at Universal American, said of the FICO Insurance Fraud Manager Solution. “We were able to identify and prevent $6 million in inappropriate billing over an 18-month period.”

 

FICO Insurance Fraud Manager detects fraud, abuse and errors in health care claims and identifies suspicious providers as soon as aberrant behavior patterns emerge. Providers can accelerate claims processing while saving money by avoiding improper payments, increasing loss recovery and correcting systemic vulnerabilities. Staff productivity increases via the system’s ability to prioritize work, rank-ordering claims by most egregious and most financially significant.

 

FICO Insurance Fraud Manager now scores claims from doctors, ancillary providers, pharmacies and health care facilities, as well as detecting fraudulent patterns associated with specific medical providers, pharmacies and dentists.

 

About FICO FICO (NYSE:FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company’s groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO’s innovative solutions include the FICO® Score — the standard measure of consumer credit risk in the United States — along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world’s top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through http://www.myFICO.com. Learn more at http://www.fico.com. FICO: Make every decision count™.

 

For FICO news and media resources, visit http://www.fico.com/news.

 

Statement Concerning Forward-Looking Information

Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company’s Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2011 and its last quarterly report on Form 10-Q for the period ended June 30, 2012. If any of these risks or uncertainties materializes, FICO’s results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.

 

FICO and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.

 

SOURCE FICO

 

http://www.sacbee.com/2012/10/02/4874911/fico-unleashes-new-analytics-for.html

CHINA’S FIRST LNG PROJECT SIGNS MILESTONE AGREEMENTS FOR GAS SALES, FINANCING AND CONSTRUCTION, BP Holdings Barcelona

http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=2018144

Guangdong Dapeng LNG Company Ltd today signed a series of agreements which underpin the commercial and operational success of China’s first liquefied natural gas (LNG) terminal and trunkline project which is due on stream in 2006.

BP, with a 30 per cent interest, is the sole foreign participant in the project. When completed, the project will supply imported gas from the North West Shelf project, Australia – where BP is also a partner – to Chinese customers in the Pearl River Delta area, Guangdong Province and Hong Kong.

The signings, which were attended by Vice Premier Zeng Peiyan in the Great Hall of the People in Beijing, involved:

Gas sales contracts, each for a twenty-five year term, with ten Chinese power generation and city gas companies. This will involve the supply of a total of 3.2 million tonnes a year of natural gas produced by re-gasifying imported LNG.

A Non-Recourse Project Financing Agreement of RMB 5,200 million (approximately US $665 million) for the terminal and trunk line with Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank, China Development Bank, and Bank of China.

An engineering, procurement and construction (EPC) contract executed with STTS – a French-Italian consortium. This contact provides for the construction of the LNG reception facilities that will receive, store and re-gasify LNG from the North West Shelf Joint Venture;

LNG Vessel Time Charter Party arrangements with Yuepeng LNG Shipping Company Ltd and Yuegang LNG Shipping Company Ltd, respectively for the chartering of up to three LNG vessels for the transportation of LNG to the Guangdong LNG terminal. It is envisaged that the LNG vessels will be built by Hudong Zhonghua Shipbuilding (Group) Ltd in Shanghai.

Anne Quinn, BP’s group vice president for Gas, Power & Renewables, said:

“The commercial contracts that are critical to the project have now been completed. They represent the consolidation of the relations between Guangdong Dapeng LNG Company and all its customers and partners and are the result of a magnificent effort by all the sponsors of the project over the last two years.

“BP is confident that, with CNOOC and our other partners, we will build a successful, world class LNG project, which sets the path for other similar projects in China, to bring clean and highly efficient energy to fuel the country’s continuing growth.”

The Guangdong LNG Terminal and Trunkline Project is located near Dapeng village, east of Shenzhen, in Guangdong Province. It will have an initial capacity of 3.7 million tonnes a year and 370 kilometres of trunklines stretching from Shenzhen through to Dongguan, Guangzhou, Foshan and Zhujiang to supply natural gas to city gas and power plants in Guangdong and Hong Kong.

Notes to editors:

The shareholders of Guangdong Dapeng LNG Company Ltd are: CNOOC Gas & Power Ltd. (a wholly-owned subsidiary of China National Offshore Oil Corporation) – 33 per cent; Guangdong Investments Limited and Pearl River Delta Investments Limited (both wholly-owned subsidiaries of BP Global Investments Limited) – 30 per cent; Shenzhen Gas Corporation Ltd. – 10 per cent; Guangdong Yudean Group Co., Ltd. – 6 per cent; Guangzhou Gas Company – 6 per cent; Shenzhen Energy Group Company Ltd. – 4 per cent; Dongguan Fuel Industrial General Company – 2.5 per cent; Foshan Municipal Gas General Company – 2.5 per cent; Hongkong Electric (Natural Gas) Limited (a wholly-owned subsidiary of Hong Kong Electric Holdings Limited) – 3 per cent; and Hong Kong & China Gas Investment Limited (a wholly-owned subsidiary of The Hongkong & China Gas Company Limited) – 3 per cent.

The Project will procure 3.32 million tonnes per annum of LNG from the North West Shelf Joint Venture under a 25-year LNG Sales and Purchase Agreement and distribute gas to power plant and city gas off-takers.

The power plant gas purchasers include Huizhou power plant, Qianwan power plant, Zhujiang power plant, Meishi power plant and a Hongkong Electric Company power plant in Hong Kong. City gas off-takers include Shenzhen Gas Corporation Limited, Guangzhou Gas Company, Dongguan Fuel Industrial General Company, Foshan/Nanhai Gas Company, and a town gas project of The Hongkong and China Gas Company.

The Non-Recourse Project Financing comprises an 18-year RMB term loan facility of RMB 2,812 million, a 15-year US$ term loan facility of US $219 million, and a RMB/US$ working capital facility of RMB 585 million. Industrial and Commercial Bank of China, as co-ordinating senior lead arranger, provided 30 per cent of the total financing; Agricultural Bank of China and China Construction Bank, as senior lead arrangers, provided 25 per cent each; China Development Bank, as lead arranger, provided 10 per cent, with the remaining 10 per cent financed by Bank of China. The financial advisor is ABN AMRO Bank.

STTS is a French-Italian consortium comprising of Saipem S.A., Technigaz, Technimont and Sofregas. It is anticipated that the LNG terminal will commence commercial operation in June 2006.

BP is one of the world’s largest suppliers of gas to liquefaction plants for LNG production. It expects to grow this supply to more than 1.5 billion cubic feet a day by 2005, resulting in an average growth rate of around 15 per cent a year and a global market share of around 8 per cent.

BP is currently involved in four major liquefaction plants, which together account for over 30 per cent of 2001 global LNG sales. BP is the largest shareholder in Atlantic LNG in Trinidad; a shareholder and technical adviser to ADGAS, which has been delivering LNG from Abu Dhabi to Japan since 1977; a one sixth partner in the Australian NWS project; and is also a participant and operator in the upstream side on Bontang LNG in Indonesia, the largest LNG plant in the world. The company is also the largest shareholder and operator of the planned Tangguh LNG project in Indonesia. The company has also secured market access through the Cove Point terminal in Maryland and Isle of Grain, UK. The company recently completed the construction of a new LNG import and power facility at Bilbao in Spain and is pursuing projects to create new build LNG import facilities in the US and Italy.

 

Further information:

Name: Ronnie Chappell

Office: BP press office London

Phone : +44 (0)20 7496 4324

Name: Michael Zhao

Office: BP press office, Beijing

Phone : +86 (10) 6437 6962 ext.3122