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France's Total settles taxes with Caracas; Chevron agrees to pay
AFP
CARACAS
Petroleumworld.com 04 06 06Oil giant Total of France settled its tax row with Venezuela Wednesday by paying the last installment of 38.6 million dollars, while US-based Chevron Corp. agreed to pay its disputed taxes, officials said.
Jose Vielma Mora, head of the Seniat national tax office, said Total became the first of the foreign oil firms operating in Venezuela to settle its back taxes following a move by the government to enforce a new tax policy on oil firms.
"Total will be the first (oil) company to have no (tax) debt ... no problems with Venezuela," Vielma said.
Total completed the payment of 108 million dollars that Venezuela had been seeking for the 2001-2004 period, officials said.
Chevron meanwhile agreed to pay its tax liability of 74.9 million dollars, according to Vielma.
The announcement, ending a long-standing dispute over a new tax and royalty system imposed by President Hugo Chavez, came at the same time the government threatened to go to an international arbitration panel to recover back taxes from Italian group Eni.
Since mid-2005, the government of leftist Chavez has strictly applied a 2001 law that increases the tax rate for oil companies to 50 percent from 36 percent. The oil companies disputed the taxes, saying their contracts signed with prior governments should be applied.
The government has been seeking back taxes owed by 22 oil companies, most of them foreign, who signed a contract in the 1990s with state-owned Petroleos de Venezuela for the exploration of the country's energy resources.
Officials say Eni owes more than 68 million dollars in back taxes.
"We are prepared to take Eni and any other international company to arbitration," Vielma said, adding that "we know we are going to win."
The government on Monday said it had taken control of oil fields operated by Total and ENI after they rejected new operating accords requiring higher royalties to be paid to state-owned Petroleos de Venezuela SA (PDVSA).
The new mixed companies must pay 30 percent royalties on the oil produced -- up from one percent -- and a 50 percent profit tax which has been increased from 36 percent.
In Milan this week, Eni said it would challenge the new law.
AFP 04 05 06 1919 GMT
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