Venezuela aims with gain billions of dollars by imposing tax on windfall oil prices – Dominion Lending Centres Clearlease
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Venezuela is imposing a windfall profits tax on royalties from oil projects when crude prices are above $40 a barrel, seeking to squeeze as much as $16 billion mostly out of foreign oil companies, the government said Tuesday.
Energy Minister Rafael Ramirez said the tax, which was decreed by President Hugo Chavez last week, will allow the government to collect between $9 billion and $16.3 billion this year.
A 20 per cent tax will be in effect when the price of a barrel of Venezuelan oil is between $40 and $70 a barrel, Ramirez said. When the price is between $70 and $90, the tax rises to 80 per cent. Between $90 and $100, the tax reaches 90 per cent, and if the price tops $100 a barrel, a 95 per cent tax will be imposed.
The price of Venezuela ‘s heavy, sulfur-laden crude reached $94.60 a barrel Tuesday, Ramirez said.
The tax will be imposed on Venezuela ‘s state-run oil company as well as foreign oil firms operating in Venezuela ‘s crude-rich Orinoco Belt, Ramirez said.
If Venezuelan crude remains above $90 throughout 2011, an estimated $9 billion will be funneled into a development fund, Ramirez said. If Venezuela ‘s oil prices top $110, an estimated $16.3 billion could be collected.
Ramirez said revenue from the tax will not used for investment in the oil industry, but rather will be funneled into the government’s social programs and projects aimed at improving health care, education, housing, agriculture and infrastructure.
“It’s a powerful tool the state has designed to acquire windfall income,” Ramirez said.
He denied the fund would exclude projects launched by state governors and mayors as some government critics have alleged.
Ramirez told journalists that the tax won’t be imposed on “the development of new oil fields,” projects aimed at boosting oil production and agreements such as Petrocaribe program, which provides oil and natural gas to some Latin American and Caribbean nations at preferential prices.
It also will not apply to a deal signed last year between Venezuela and China, under which Venezuela ships oil to the Asian giant in exchange for goods and services, Ramirez said. Under that agreement, China lent $20 billion to Venezuela in exchange for shipments of 100,000 barrels a day over a 10-year period.
Ramirez, who is also president of Venezuela ‘s state-run oil company, known as PDVSA, said the company has a $4 billion debt owed to contractors.
PDVSA is negotiating with the owners of 74 oil service firms for compensation after the government expropriated the companies in 2009. Ramirez said negotiations have been slow because authorities believe some of the companies failed to pay taxes. If talks break down, the disputes will be settled in Venezuelan courts, he said.
PDVSA is awaiting a ruling from the World Bank’s International Center for Settlement of Investment Disputes in a dispute with Exxon Mobil Corp. The case was brought by the Irving, Texas-based company in 2007 over the government’s nationalization of the Cerro Negro heavy oil project.
Exxon Mobil has also sought to recoup increased royalties and taxes imposed by the government starting in 2004. Exxon Mobil ‘s oil project was one of four taken over by Chavez’s government in May 2007 as he brought the oil industry under majority state control.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Venezuela is imposing a windfall profits tax on royalties from oil projects when crude prices are above $40 a barrel, seeking to squeeze as much as $16 billion mostly out of foreign oil companies, the government said Tuesday.
Energy Minister Rafael Ramirez said the tax, which was decreed by President Hugo Chavez last week, will allow the government to collect between $9 billion and $16.3 billion this year.
A 20 per cent tax will be in effect when the price of a barrel of Venezuelan oil is between $40 and $70 a barrel, Ramirez said. When the price is between $70 and $90, the tax rises to 80 per cent. Between $90 and $100, the tax reaches 90 per cent, and if the price tops $100 a barrel, a 95 per cent tax will be imposed.
The price of Venezuela ‘s heavy, sulfur-laden crude reached $94.60 a barrel Tuesday, Ramirez said.
The tax will be imposed on Venezuela ‘s state-run oil company as well as foreign oil firms operating in Venezuela ‘s crude-rich Orinoco Belt, Ramirez said.
If Venezuelan crude remains above $90 throughout 2011, an estimated $9 billion will be funneled into a development fund, Ramirez said. If Venezuela ‘s oil prices top $110, an estimated $16.3 billion could be collected.
Ramirez said revenue from the tax will not used for investment in the oil industry, but rather will be funneled into the government’s social programs and projects aimed at improving health care, education, housing, agriculture and infrastructure.
“It’s a powerful tool the state has designed to acquire windfall income,” Ramirez said.
He denied the fund would exclude projects launched by state governors and mayors as some government critics have alleged.
Ramirez told journalists that the tax won’t be imposed on “the development of new oil fields,” projects aimed at boosting oil production and agreements such as Petrocaribe program, which provides oil and natural gas to some Latin American and Caribbean nations at preferential prices.
It also will not apply to a deal signed last year between Venezuela and China, under which Venezuela ships oil to the Asian giant in exchange for goods and services, Ramirez said. Under that agreement, China lent $20 billion to Venezuela in exchange for shipments of 100,000 barrels a day over a 10-year period.
Ramirez, who is also president of Venezuela ‘s state-run oil company, known as PDVSA, said the company has a $4 billion debt owed to contractors.
PDVSA is negotiating with the owners of 74 oil service firms for compensation after the government expropriated the companies in 2009. Ramirez said negotiations have been slow because authorities believe some of the companies failed to pay taxes. If talks break down, the disputes will be settled in Venezuelan courts, he said.
PDVSA is awaiting a ruling from the World Bank’s International Center for Settlement of Investment Disputes in a dispute with Exxon Mobil Corp. The case was brought by the Irving, Texas-based company in 2007 over the government’s nationalization of the Cerro Negro heavy oil project.
Exxon Mobil has also sought to recoup increased royalties and taxes imposed by the government starting in 2004. Exxon Mobil ‘s oil project was one of four taken over by Chavez’s government in May 2007 as he brought the oil industry under majority state control.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Venezuela aims with gain billions of dollars by imposing tax on windfall oil prices – Dominion Lending Centres Clearlease
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Venezuela is imposing a windfall profits tax on royalties from oil projects when crude prices are above $40 a barrel, seeking to squeeze as much as $16 billion mostly out of foreign oil companies, the government said Tuesday.
Energy Minister Rafael Ramirez said the tax, which was decreed by President Hugo Chavez last week, will allow the government to collect between $9 billion and $16.3 billion this year.
A 20 per cent tax will be in effect when the price of a barrel of Venezuelan oil is between $40 and $70 a barrel, Ramirez said. When the price is between $70 and $90, the tax rises to 80 per cent. Between $90 and $100, the tax reaches 90 per cent, and if the price tops $100 a barrel, a 95 per cent tax will be imposed.
The price of Venezuela ‘s heavy, sulfur-laden crude reached $94.60 a barrel Tuesday, Ramirez said.
The tax will be imposed on Venezuela ‘s state-run oil company as well as foreign oil firms operating in Venezuela ‘s crude-rich Orinoco Belt, Ramirez said.
If Venezuelan crude remains above $90 throughout 2011, an estimated $9 billion will be funneled into a development fund, Ramirez said. If Venezuela ‘s oil prices top $110, an estimated $16.3 billion could be collected.
Ramirez said revenue from the tax will not used for investment in the oil industry, but rather will be funneled into the government’s social programs and projects aimed at improving health care, education, housing, agriculture and infrastructure.
“It’s a powerful tool the state has designed to acquire windfall income,” Ramirez said.
He denied the fund would exclude projects launched by state governors and mayors as some government critics have alleged.
Ramirez told journalists that the tax won’t be imposed on “the development of new oil fields,” projects aimed at boosting oil production and agreements such as Petrocaribe program, which provides oil and natural gas to some Latin American and Caribbean nations at preferential prices.
It also will not apply to a deal signed last year between Venezuela and China, under which Venezuela ships oil to the Asian giant in exchange for goods and services, Ramirez said. Under that agreement, China lent $20 billion to Venezuela in exchange for shipments of 100,000 barrels a day over a 10-year period.
Ramirez, who is also president of Venezuela ‘s state-run oil company, known as PDVSA, said the company has a $4 billion debt owed to contractors.
PDVSA is negotiating with the owners of 74 oil service firms for compensation after the government expropriated the companies in 2009. Ramirez said negotiations have been slow because authorities believe some of the companies failed to pay taxes. If talks break down, the disputes will be settled in Venezuelan courts, he said.
PDVSA is awaiting a ruling from the World Bank’s International Center for Settlement of Investment Disputes in a dispute with Exxon Mobil Corp. The case was brought by the Irving, Texas-based company in 2007 over the government’s nationalization of the Cerro Negro heavy oil project.
Exxon Mobil has also sought to recoup increased royalties and taxes imposed by the government starting in 2004. Exxon Mobil ‘s oil project was one of four taken over by Chavez’s government in May 2007 as he brought the oil industry under majority state control.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug