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Venezuela tightens grip on Western Oil Companies – tax evasion charges planned – joint ventures required
Venezuela’s Chavez is planning to show his strength by going after international oil companies that operate in Venezuelan oil sector. Chavez is in direct confrontation with the Bush Administration. Washington opposes arms purchases by Venezuela from Russia. Venezuela has organized millions of militia under direct command of Chavez fearing a coup with the help of foreign intervention and external aggression.
Venezuela has recently expanded its relationships with Brazil, Russia, India and China (BRIC Alliance). Now it plans to go after foreign oil companies. According to media reports from Venezuela, the Venezuelan Energy Ministry said on April 14th that it is beginning a full-scale tax investigation into all foreign firms operating in the oil industry and is expecting to get some $2 billion back once the "tax evasion" investigations are complete. The ministry also will force all foreign-run projects in the petroleum sector to be reorganized into joint ventures, in which state oil firm Petroleos de Venezuela will hold a 51 percent stake. Under the plan, designed to maximize government income, foreign firms will have a maximum income cap instead of the current per-barrel fee scheme that is indexed to oil prices.
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