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London Evening Standard: Venezuela hits Shell with £74m bill for back tax

London Evening Standard: Venezuela hits Shell with £74m bill for back tax

“The Venezuelan authorities said Shell now faces a 15-day deadline for handing over the funds said to be owed. If it pays up within that period, interest on the sum allegedly owed will be charged at 10%. If not, the rate will rise to 250%.”

Posted Sunday 17 July 2005

Published by The London Evening Standard on Friday 15 JULY 2005

HARD on the heels of news that Royal Dutch Shell faces a massive cost overrun on its flagship Sakhalin-2 project in Russia, the company has been caught up in a tax wrangle with the Venezuelan authorities, writes Jake Lloyd-Smith.

The South American country’s tax authority has said the energy giant owes $131 million (£74.5 million) in back tax for the years from 2001 to 2004.

Shell reportedly rebuffed the claim, saying it had met all its Venezuelan tax obligations. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

THE WALL STREET JOURNAL: Venezuela Steps Up Tax Actions on Oil Firms

THE WALL STREET JOURNAL: Venezuela Steps Up Tax Actions on Oil Firms

“Venezuelan tax authority Seniat ordered oil company Royal Dutch/Shell Group to pay nearly $131 million in back taxes it said the company owed.”:

Friday 15 July 2005

A WALL STREET JOURNAL ONLINE NEWS ROUNDUP

July 15, 2005; Page A8

CARACAS, Venezuela — Venezuelan tax authority Seniat ordered oil company Royal Dutch/Shell Group to pay nearly $131 million in back taxes it said the company owed.

Seniat also seized a number of documents from the offices of U.S. oil company Chevron Corp., saying the company had failed to produce the information on request. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

THE NEW YORK TIMES: Shell, Chevron in Venezuelan Tax Probe

THE NEW YORK TIMES: Shell, Chevron in Venezuelan Tax Probe

“Venezuela on Thursday ordered international oil major Shell to pay nearly $131 million in back taxes, and also confiscated financial data from U.S.-based Chevron Corp. in a tax crackdown.

Posted Friday 15 July 2005

By REUTERS

CARACAS, Venezuela (Reuters) – Venezuela on Thursday ordered international oil major Shell (RD.AS)(SHEL.L) to pay nearly $131 million in back taxes, and also confiscated financial data from U.S.-based Chevron Corp. (CVX.N) in a tax crackdown.

The actions announced by national tax authority SENIAT against the two foreign oil companies formed part of a campaign by left-wing President Hugo Chavez’s government to tighten control over Venezuela’s strategic oil sector. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Tax authority to fine Shell, Harvest and Eni this week – Venezuela

Business News Americas: Tax authority to fine Shell, Harvest and Eni this week – Venezuela

Posted 1 June 2005

(BNamericas.com) – Venezuela’s tax office Seniat will notify Anglo-Dutch company Shell, US company Harvest Vinccler and Italy’s Eni this week of fines corresponding to unpaid taxes from their operating agreements with state oil firm PDVSA, newspaper El Universal reported.

These are the first three companies to be fined by Seniat as part of its ongoing investigation into alleged tax evasion by 22 companies involved in 32 operating agreements with PDVSA, the paper reported. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oil Wells Refuse to Obey Chávez Commands

THE WALL STREET JOURNAL: Oil Wells Refuse to Obey Chávez Commands

Posted 21 May 2005

By MARY ANASTASIA O’GRADY

“We have a little problem,” Venezuelan President Hugo Chávez reportedly told Venezuelans on May 3, “and we are fixing it.”

The “problem” is the drop in output by the Venezuelan state-owned oil company known as PdVSA. The Chávez fixes, thus far, have entailed sending military troops to the oil-rich west of Venezuela to investigate “management errors” and allegations of sabotage, while in Caracas the government is threatening foreign oil companies with contract cancellations and tax hikes. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oil Firms Under The Gun In Revenue-Hungry Venezuela

THE WALL STREET JOURNAL: Oil Firms Under The Gun In Revenue-Hungry Venezuela

Posted 13 May 05

By PETER MILLARD Of DOW JONES NEWSWIRES

CARACAS — Venezuelan President Hugo Chavez, intent on getting more money from the oil industry to finance state programs, has sent private firms scrambling to get a grip on tax policy changes.

Venezuela has been changing the rules on oil taxes since last October, when it abruptly scrapped a royalty tax holiday on four heavy crude projects.

That was just the start. Early this year state-run Petroleos de Venezuela (PVZ.YY) bullied ConocoPhillips (COP) into a royalty rate hike on an eastern oil field, Corocoro. Then the Seniat national tax office reclassified the tax rate for 32 oil service contracts in April, hiking the rate to 50% from the 34% rate in the original contracts. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Venezuela To Bill Oil Firms 4 Yrs Of Back Taxes: Official

THE WALL STREET JOURNAL: Venezuela To Bill Oil Firms 4 Yrs Of Back Taxes: Official

Posted 11 May 05

DOW JONES NEWSWIRES

CARACAS — Venezuela will charge oil firms four years of back taxes on some operations as the government clamps down on the oil industry, a tax official said Tuesday.

Venezuela has been investigating 32 operating agreements with private oil firms for months, claiming they have not been paying enough taxes. Last month, the Seniat tax office raised the income tax rate on the projects to 50% from 34%, saying the oil firms were paying a cheap industrial rate under dodgy contracts signed in the 1990s. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Chavez: Venezuela May Charge Oil Companies Back Taxes

THE WALL STREET JOURNAL: Chavez: Venezuela May Charge Oil Companies Back Taxes

Posted 8 May 2005

DOW JONES NEWSWIRES

CARACAS — Venezuela may charge private oil firms a retroactive tax on some fields in the latest attempt to squeeze more money from the oil industry, President Hugo Chavez said Friday evening.

Last month Venezuela adjusted the income tax rate on 32 operating agreements to 50% from 34%, saying the oil firms were paying a cheap industrial rate.

“The billing in this case could be retroactive,” said Chavez during a televised address Friday, referring to the recent tax increase. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Big Oil Presses Ahead in Venezuela

THE WALL STREET JOURNAL: Big Oil Presses Ahead in Venezuela

Royal Dutch/Shell Group, meanwhile, says it is looking closely at doing its own project. “We see it as an important opportunity for the company,” Shell Venezuela President Joaquin Moreo said recently.

Despite Chavez’s Hand In Setting the Entry Terms, Energy Companies Pour In

By DAVID LUHNOW

Staff Reporter of THE WALL STREET JOURNAL

August 24, 2004; Page A10

CARACAS, Venezuela — President Hugo Chavez’s fiery anti-American rhetoric isn’t scaring off one group of investors: Big Oil.

In recent weeks, major oil companies have unveiled plans for giant investments in Venezuela, the first since Mr. Chavez pushed through legal changes in 2001 that imposed tougher financial terms on foreign oil companies. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell powers ahead with plan to clear out $15bn of its assets

The Business: Shell powers ahead with plan to clear out $15bn of its assets

“Underspending in exploration and production throughout the 1990s is seen as partly to blame for the 4.35bn barrel reduction in reported reserves that made this year one of the worst in Shell’s 97-year history.”

By Richard Orange

22 August 2004

Changing fortunes: Shell is aiming to regain its competitive edge by selling unprofitable assets in Europe and Latin America

TROUBLED oil giant Royal Dutch/Shell has launched a $15bn (£8.3bn, €12.2bn) clear-out of its worst-performing assets, in a move to raise funds to bring its performance back in line with competitors.

While investors are waiting until end-September for the new management’s first strategy briefing, the company’s programme is moving ahead, with culls in the US and Europe bringing disposals to $3.6bn this year. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell To Invest $100M In Venezuela In 2004

The Wall Street Journal: Shell To Invest $100M In Venezuela In 2004

DOW JONES NEWSWIRES

June 15, 2004 4:43 p.m.

Posted 16 June 04

MARACAIBO, Venezuela — Royal Dutch/Shell (RD, SC) plans to invest $100 million in Venezuela this year, mainly in the Urdaneta oil field it operates in the Lake Maracaibo region, Joaquin Moreno, the president of Shell ´s Venezuela operations, said Tuesday.

“In 2004 we will invest $100 million, fundamentally in Urdaneta and maintaining a presence in service stations,” said Moreno, speaking to journalists on the sidelines of an oil conference. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.