(Bloomberg) -- Venezuela's bid to nationalize its
energy industry has boosted government income by $5.8 billion a
year, fueling a new form of ``oil socialism,'' President Hugo
Chavez said.
The extra $5.8 billion, equal to 11 percent of Venezuela's
official 2007 budget, came through tax and royalty increases
phased in since 2004. The seizure on May 1 of four foreign oil
joint ventures in the country's eastern Orinoco Belt will provide
additional funds, he said.
Read more at Bloomberg Energy News
energy industry has boosted government income by $5.8 billion a
year, fueling a new form of ``oil socialism,'' President Hugo
Chavez said.
The extra $5.8 billion, equal to 11 percent of Venezuela's
official 2007 budget, came through tax and royalty increases
phased in since 2004. The seizure on May 1 of four foreign oil
joint ventures in the country's eastern Orinoco Belt will provide
additional funds, he said.
Read more at Bloomberg Energy News
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