Page 8 - LatAmOil Week 41 2022
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LatAmOil                                        COLOMBIA                                            LatAmOil



                         “We received this news in the best way in Eco-  COP4-5 trillion ($866.82mn-1.08bn).
                         petrol,” he was quoted as saying by Reuters. “I   Petro’s administration is working on fiscal
                         welcome that it isn’t an export tax per barrel, but   reform legislation with the aim of increasing
                         a surcharge system to be considered with the   budget revenues by COP22 trillion ($4.77bn)
                         industry.”                           per year.
                           The government’s original proposal had   The government will need the additional
                         envisioned the levying of a 20% tax on oil and   funds to cover the cost of the social welfare
                         coal exports, with higher rates taking effect   programmes that the president’s team wants to
                         whenever oil prices topped $71 per barrel or coal   implement to counter inequality and poverty. ™
                         prices went above $86 per tonne, as well as an
                         additional 5% tax on oil and mining companies.
                         After this plan met with strong resistance from
                         Colombia’s hydrocarbon and mining sectors,
                         Petro’s team put forward a plan for the impo-
                         sition of a surcharge on the extractive sector in
                         place of export taxes. Under this new plan, the
                         surcharge rate would take effect in 2023 at 10%
                         and then drop to 5% in 2025.
                           The plan also calls for subjecting hydroelec-
                         tric power plant (HPP) operators to a 3% sur-
                         charge, Reuters noted.
                           This surcharge will remain in effect from
                         2023 to 2026, he news agency said, citing
                         the latest version of a Petro administration
                         presentation.
                           For his part, Bayon told reporters that Eco-
                         petrol was still reviewing the government’s new
                         plan in a bid to determine how exactly it would
                         affect the company. He did not elaborate, but
                         Reuters said the NOC had originally estimated
                         that fiscal reform would cause it to incur costs of   Petro (L) and Bayon (R) met at an Ecopetrol solar park in August (Photo: Ecopetrol)




                                                     VENEZUEL A
       Washington expected to soften sanctions



       on Venezuela soon, sources inform WSJ






                         THE US government may soon scale back   One of the main beneficiaries of such a policy
                         sanctions on Venezuela government, a move   shift would be Chevron, the US oil major that
                         that would allow for the resumption of crude oil   has maintained a token presence in Venezuela
                         exports from the South American country to the   even after shutting down all of its commercial
                         US, Europe and other foreign markets.  operations there.




















                                                          Fuel shortages remain common in Venezuela (Photo: FEE.org)



       P8                                       www. NEWSBASE .com                        Week 41   12•October•2022
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