MARIANNA PÁRRAGA
EL UNIVERSAL

It seems that the special contribution on prices in the international oil and gas market is not going back. Private partners have not started to pay it yet. However, for almost two months, state-run oil holding Petróleos de Venezuela (Pdvsa) has made weekly deposits to the National Development Fund for this matter.

Minister of Energy and Petroleum and Pdvsa CEO Rafael Ramírez gave the news to El Universal. He added that the payment in arrears from private partners is because they need to adjust administrative systems. However, transfers will begin shortly.

Since this contribution came into force by mid April, Pdvsa has transferred weekly to Fonden about USD 300 million. In the aggregate, they have deposited USD 2.6 million for such new contribution. This amount includes its aliquot in joint ventures.

Additionally, since January, Pdvsa has deposited to Fonden accounts, as part as the usual transfers set by the Ministry of Finance, a total of USD 6.6 million. As a result, the fund has received from the oil industry USD 9.3 billion in less than six months.

During his address to the nation last Wednesday, President Hugo Chávez said that the oil industry would give the state this year USD 75 billion in royalties and miscellaneous taxes.

He added that beginning this year, USD 258 million would be spent in 55 projects at the Orinoco Oil Belt. The amount will be provided by both the public and private sector.

Generally, the public sector only is to provide USD 25.1 billion in investment projects the rest of this year. Out of this amount, Pdvsa should execute a portion of an investment budget amounting to USD 15.6 billion for this year.

Since the law on the special contribution on prices in the international oil and gas market was published in the Official Gazette, companies acting as minor stockholders in oil joint ventures have refused its enforcement. They think that the contribution could deprive them of their earnings if the Brent price goes beyond certain threshold.

Nevertheless, Ramírez said emphatically that this is untrue. "Against any background, the state will have a ceiling of 96 percent of the oil (gross) income. For this reason, the top rate for the new tax was set at 60 percent. We work on scenarios of up to USD 200 per barrel of Brent and there will be no losses."

Translated by Conchita Delgado