Chavez Tax to Hurt Partners More Than PDVSA, Barclays Says
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Venezuela’s new windfall oil tax will hurt partners of Petroleos de Venezuela SA more than the state company itself, Barclays Capital said in a report.
Venezuela, South America’s largest OPEC producer, taxes oil companies more than any other country in the world and it recovered about 50 percent of the revenue from each barrel of oil sold over the past five years. On average, more than 90 percent of the gross profit of the oil industry is transferred to the state, according to the e-mailed Barclays report today.