Chavez Looks to Expand Venezuelan Oil Exports

Monday, November 21, 2005
The President of Venezuela, Hugo Chavez, wants Venezuela oil tankers going to places other than the US, according to a VHeadline report. Although the US is the No. 1 buyer of Venezuela oil, Chavez prefers to earn greater political power by selling oil at a discount to Caribbean and South American countries than at a premium to the US. Additionally, Chavez just increased the government's take of royalties on oil profits from 1% to 30% and increased the tax rate from 34% to 50%. As a result, any non-Venezuelan company is now required to turn over more than 75% of its profits to the Venezuelan government and an increasing amount of Venezuelan oil production is government controlled, according to the report. At 9 million barrels of oil a day, Russia is a similarly important but highly volatile oil resource. Russia almost rivals Saudi Arabia as the world's No. 1 producer of oil. Source: VHeadline

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0730 sec (14 req/sec)