The moves was the latest in a series of actions by the government of President Hugo Chavez, who has claimed that foreign oil companies in the South American nation have been getting oil too cheaply.
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Venezuela Will Deprive Of Revenues Foreign Firms
Venezuela's Energy Minister Rafael Ramirez said that the government will impose
Venezuela?s Energy Minister Rafael Ramirez said that the government will impose a 30 percent royalty on oil production in excess of a quota of 114,000 bdp by the Franco-Norwegian project Sincor.
Sincor, jointly run by French oil major Total and Norway's Statoil, is currently producing about 210,000 barrels per day.
Alleging that foreign oil companies are evading taxes, the president of PDVSA made the comments to legislators while calling for an investigation into the heavy petroleum project.
The moves was the latest in a series of actions by the government of President Hugo Chavez, who has claimed that foreign oil companies in the South American nation have been getting oil too cheaply.
The moves was the latest in a series of actions by the government of President Hugo Chavez, who has claimed that foreign oil companies in the South American nation have been getting oil too cheaply.
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