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Energy Inc. ( Energy ) , which operates in the oil industry, is a U . S . subsidiary of a U . K .
Energy Inc. Energy which operates in the oil industry, is a US subsidiary of a UK entity that prepares its financial statements in accordance with IFRSs in reporting to its parent and US GAAP for reporting to its USbased lender. Energys operations sometimes result in soil contamination. Energy cleans up this contamination when required to do so under the laws of the particular country in which it operates. One country in which Energy operates has no legislation requiring cleanup, and Energy has inadvertently contaminated land in that country in prior years. As of December x it is virtually certain that a draft law requiring a cleanup of land already contaminated will be enacted, but not until shortly after the yearend.
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