US oil and gas giant Exxon Mobil Corp., said Thursday that it plans to meet with Venezuelan officials to discuss a royalty tax hike imposed by President Hugo Chavez's government.
The royalty rate for Exxon Mobil's Cerro Negro heavy crude upgrading project, along with three other projects operating in the country's eastern Orinoco tar belt, was increased to 16.6 percent from 1 percent last October without prior notice.
"The ministry of energy has agreed to meet with us to discuss our concerns on the royalty rate change. We wish to achieve an amicable solution to the issue. We hope to begin the discussions very soon," said the company in a statement.
Last week, Venezuelan Oil Minister Rafael Ramirez ruled out the possibility of rolling back the tax hike. Exxon Mobil argues the low tax rate compensated for heavy investment during the initial phases of the project.
"We don't have anything to negotiate," Ramirez said last week.
