Venezuela raises oil drilling tax

[Renew Deal]

Venezuela has announced that it is increasing the royalties paid by foreign oil companies from 1% to 16.6%.
President Hugo Chavez said it marked the second and true phase of the nationalisation of the country's oil.

He made the announcement in his weekly television address, with the oil port of Puerto de la Cruz as his backdrop.

The surprise measure will affect all foreign companies offering joint ventures in Venezuela's Orinoco heavy crude belt.

During his address on Sunday, Mr Chavez said: "We are no longer going to give our oil away for reasons that no longer exist, if they ever did."
<snip>

http://news.bbc.co.uk/2/hi/americas/3732224.stm

Someone also posted an interesting article in LBN.
http://lark.phoblacht.net/afterreftsolo991g.html

[knowbody0]

1. neener neener mobil oil

[Massacure]

2. Watch the price of oil jump another buck or two now.

[Skittles]

3. no wonder Bush tried so hard to stop him

nt