Venezuela Says Oil Companies Owe $4 Billion in Taxes, Royalties

May 21 (Bloomberg) — Venezuela, the world’s fifth-largest oil exporter, said international oil companies operating in the country owe about $4 billion in back taxes and unpaid royalties.

Energy and Oil Minister Rafael Ramirez said international companies operating 32 oil fields for state oil company, Petroleos de Venezuela SA, owe about $3 billion in income taxes. Four extra-heavy oil joint ventures owe an additional $1 billion in royalties, Ramirez said. Ramirez has said the companies owe taxes but until today never provided an estimate of the amount.

“We don’t want foreign companies to leave the country,” Ramirez said at a press conference today. “But companies have to obey the laws.”

Bloomberg