Vintage to cite treaty in Bolivian lawsuit

08/15/2005
Vintage Petroleum Inc., Tulsa, has told Bolivia that it will cite a bilateral treaty protecting investment in a lawsuit challenging the country’s Hydrocarbons Act passed last May by Congress and signed by interim President Eduardo Rodriguez.The bill raised levies on gas production at the wellhead to 50%, with 18% as a direct royalty and 32% as a nondeductible tax. Previously, companies paid about 38% in royalties and tax at the wellhead.Repsol YPF SA has taken a stand against the tax, royalties, and regulatory reforms, saying planned investments of $850 million may be withdrawn and warning that the company is likely to seek legal redress on behalf of its shareholders.Repsol YPF, Tot...
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