Venezuela Eliminates Tax on Crude, Gas Sales to PDVSA from JVs

Venezuela's national assembly has passed a resolution eliminating the tax on the sale of hydrocarbons from joint ventures between state oil firm PDVSA and private companies to PDVSA, according to an article in Friday's edition of Caracas daily El Universal.

The resolution was published in the government's daily ledger on April 26.

The resolution means JVs do not have to pay any taxes on oil and gas sales to PDVSA, which is a partner in all 21 of the new JVs signed this year, with stakes of at least 60% and in some cases up to 80%.

PDVSA director Eulogio Del Pino told El Universal that the JVs were producing slightly above 300,000 barrels a day (b/d) of crude. Over 100,000b/d of crude previously produced by private companies under the old operating agreements was absorbed by PDVSA when it took over several fields where operators refused to enter into JVs controlled by the state oil company.

Under the JV regulations, the projects can only sell what they produce to PDVSA, which in turn will sell it or refine it.

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