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Statoil: Investments in Venezuela to continue
Petroleumworld
CARACAS
Petroleumworld.com 06 19 06
Statoil Chief Executive Officer Helge Lund said in an interview on the sidelines of a presentation to investors in Stavanger, Norway Thursday. ``So far it's been a very good investment in Venezuela for Statoil and we are continuing our activities there,''., Bloomberg reported.Venezuela's earlier this year change the rules to companies operating oil fields in Venezuela, converting their foreign companies soperating contracts to into joint ventures witj Venezuela's oil company PDVSA. Venezuela, it also, increased tax base and royalty rates on oil companies.
``It's not a surprise,'' Lund said. ``It's in line with what Chavez (Venezuela's president) indicated in 2000 and 2001.''
Lund said further investments in Venezuela will require a ``stable financial framework'' in the country.
``When we make new decisions on projects in Venezuela we need to have a stable financial framework in place.'' Venezuela Investments Depend on `Stable' Framework, Lund added.
Venezuela's tax agency send earlier this month a tax bill to Statoil for 3.5 billion bolivars ($1.63 million) in back income tax dating from 2002. Statoil's 2004 tax return is also being reviewed, the tax agency said.
Petroleumworld
June 18, 2006
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