Foreign Oil Companies Operating In Venezuela To Pay Up

The AP says that most foreign oil companies operating in Venezuela will pay the "back taxes" demanded by Hugo Chavez, about $2 billion for the last ten years. The tax rate is 50%. In addition,

Oil Minister Rafael Ramirez has previously said firms that run the agreements owe some $3 billion in back taxes, and that firms with heavy crude upgrading projects in the Orinoco tar belt owe more than $1 billion in unpaid royalties.

Here'a a link to my longer Venezuela post.