Venezuela: Three firms owe $224M - January 08, 2006

Providing coverage of Alaska and northern Canada's oil and gas industryJanuary 2006

Vol. 11, No. 2

Week of January 08, 2006

Venezuela: Three firms owe $224M

Venezuelan tax authorities have told three foreign oil firms they owe a total of $223.7 million in back taxes.

Spain’s Repsol YPF SA was billed $113 million, while France’s Total SA was charged $107.4 million, said tax agency official Diana Vargas. Japan’s Teikoku Oil owes $3.3 million.

The Venezuelan government has sought to claim a greater share of revenues from private oil companies amid high oil prices, including increasing tax collection. As part of an industry-wide review, Venezuela has claimed it is owed much as $3 billion in unpaid taxes from private oil firms, which it plans to collect by March 2006 at the latest.

Vargas said four more companies will receive tax bills in late January, including Chevron and BP.

—The Associated Press

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