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Watching The World: Chavez vies with Cameron

05/09/2011
Eric WatkinsOil Diplomacy EditorWho in the oil and gas industry ever thought that Venezeula's President Hugo Chavez would be beaten to the punch by anyone when it comes to taxes, least of all by the UK's David Cameron?Well, not to be outdone by the recent UK tax hike, the leader of the Bolivarian revolution has imposed a new one of his own—a windfall profits tax on royalties when oil prices rise above $40/bbl.Venezuela's affable Energy Minister Rafael Ramirez, who also doubles as chief executive of state-owned Petroleos de Venezuela SA, said the tax would enable Caracas to collect $9-16.3 billion this year, depending on the global price of oil.Ramirez also spelled out the exact deta...
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