Bull Elephant Candle through 200 day MA, page-69

I spoke to one of the directors probably 6 months ago , from memory , one of the issues was PSA wanted the Yemen Govt to recognise deprecation on the oil infrastructure PSA had taken over in Yemen as then the depreciation could be used to reduce the tax paid to the Yemen govt .
Ie say the infrastructure was worth US$200M and had only been used for 2 years before the previous company pulled out then lets say it had been calculated to have a 20 year life , so would be worth 10% less ie 180M , then PSA wants to be able to continue offsetting say $ 9M as a cost (5% of 180 M) from its revenue To date we have not heard that the Yemen Govt has addressed this issue with PSA .