In spite of the fact that until last month the Venezuelan state oil holding Pdvsa was the only company to pay the new special contribution related to international oil market prices, the so-called oil windfall contribution, sources of the Venezuelan Oil Corporation (CVP), a Pdvsa subsidiary, said that all the joint ventures incorporated with private companies are currently paying the new contribution.

The president of CVP and Pdvsa director, Eulogio Del Pino, explained that the Venezuelan state oil company is paying the new contribution concerning its own volume of exports and the foreign sale of barrels produced by the operational agreements that, according to the current rules, are sold in Venezuelan territory to Pdvsa for future exports.

Del Pino said that in the case of the Orinoco oil belt joint ventures, where each of the partners exports a quota of oil production, partners are paying a special contribution on time and smoothly, in accordance with the schedule.

Pdvsa paid USD 2.7 billion during the first two months of tax enforcement (from May to mid-June 2008). This amount was transferred to the Venezuela's National Development Fund (Fonden) at a rate of USD 300 million a week, Rafael Ramírez, the Venezuelan Oil and Energy Minister said.