April 23, 2005
Tax for Orinoco projects to remain at 34%

(BNamericas.com)  - " The tax rate for the four extra heavy-crude upgrading projects in Venezuela's Orinoco belt will remain at 34%, state oil firm PDVSA internal director Euologio del Pino told reporters in Caracas, denying press reports that the tax rate would increase to 50%. PDVSA president and energy and oil minister Rafael Ramírez 'has clarified that these associations were based on the 1943 hydrocarbons law and their taxes will remain at 34%,' Del Pino said (.).

'We want to be very clear in this respect. There has been a misunderstanding,' he said, referring to the local press reports.