Venezuela tightens control over oil industry

Himalayan News Service

Caracas, July 17:

Venezuela w ent ahead with a campaign to tighten control over its oil industry by taking action

against illegal practices by oil companies, reports Prensa Latina. With a lawsuit filed against Anglo-Dutch oil company Shell for tax evasion and the confiscation of financial data from US-based Chrevon-Texaco, Venezuela has advanced the campaign to tighten control over its oil industry. A statement by National Customs and Tax Management Service (SENIAT) said Shell has already been ordered to pay $131 million in back taxes. If Shell complied with the payment demand within the 15 days established by law, it would only have to pay 10 per cent in interest and fines.