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BP settles Alaska tax dispute for $379 million

ANCHORAGE, Alaska
Mon Dec 31, 2007 6:12pm EST

ANCHORAGE, Alaska (Reuters) - BP unit BP Exploration (Alaska) Inc has agreed to pay $379 million to settle a dispute over outstanding corporate income taxes charged between the years 2000 and 2002, Gov. Sarah Palin said on Monday.

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"I am very pleased with this settlement and appreciate BP's willingness to work with the State of Alaska and come to a fair resolution," Palin said in a press statement.

BP has agreed to make the payment by Monday, December 31, and the money will go into a state savings account, Palin said. Details about the dispute and the settlement are confidential, in accordance with state tax law, officials said.

BP spokesman Steve Rinehart confirmed the settlement.

(Reporting by Yereth Rosen; Writing by Mary Milliken; Editing by Toni Reinhold)
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