Payment due: Venezuala's Seniat tax agency has demanded $37.2 million in back taxes from US oil companies Chevron and ConocoPhillips
US giants get Caracas tax bill
Venezuela has demanded US supermajors ConocoPhillips and Chevron pay at least $37.2 million in back taxes for a project the two ran before the nationalisation of their assets this year, the country's Seniat tax agency said today.
President Hugo Chavez decreed the takeover of four foreign-run heavy crude upgrading projects to ensure the state oil company had at least a 60% stake in each joint venture, Reuters reported.
Chevron negotiated to stay on in its Ameriven project. But ConocoPhillips last month decided to leave the Opec nation and seek compensation for its loss of assets.
The head of the Venezuelan tax authority, Jose Vielma Mora, told reporters the companies would soon receive a bill for taxes owed from 2001 to 2005.
The opposition accuses Chavez of using the agency as a political tool against companies and critics. The government says its increased enforcement of tax payments is due to better state efficiency.
In recent months, ConocoPhillips has received the highest bills for back taxes among the six foreign companies that were the target of nationalizations in the massive Orinoco heavy crude reserve.
The other companies that were involved in this year's takeovers were ExxonMobil, Britain's BP, France's Total and Norway's Statoil.
All decided to stay in the projects except ConocoPhillips and ExxonMobil, which is also seeking compensation.