Chavez unveils oil extraction tax

08/05/2006 - 07:09:29
President Hugo Chavez said Venezuela would take further steps to increase revenues from its petroleum industry, including a new tax on companies that extracted oil in the South American nation.

Chavez, who made the announcement during his weekly television and radio programme, said the measure would create £560m (€818m) in new revenue.

“We are going to create a new oil tax, called the tax on extraction,” Chavez said. “The companies that are pumping oil in Venezuela are making a lot of money.”