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HYDROCARBONS | After a brief debate

Venezuelan Parliament passes reform of law on oil windfall revenues

Under the law adopted by the legislature, a higher amount of US dollars will have to be delivered to the central bank via oil-related royalties and taxes

EL UNIVERSAL
Wednesday February 20, 2013  05:30 PM
Venezuela's National Assembly on Wednesday passed a partial reform of the Law on Special Contribution for Windfall and Exorbitant Oil Prices in a special meeting that lasted less than one hour.

The bill, introduced by deputies of the ruling United Socialist Party of Venezuela (PSUV) on Tuesday, provides for the redistribution of the tax aliquot and an increase in the delivery of US dollars to the Central Bank of Venezuela (BCV).

The approved reform also empowers the Executive Office to approve exemptions on certain new production and secondary recovery oil projects. 
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