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 Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document

Sweden-Poland Maritime Link Improved

The EU's TEN-T Program will co-fund with over €2 million the development of the sea ports of Trelleborg (Sweden) and Świnoujście (Poland), to increase their competitiveness and sustainability,

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1132 sec (9 req/sec)