Reprinted from Caribbean Net News
caribbeannetnews.com

Venezuela fines US oil firms
08-30-2006

CARACAS, Venezuela: Venezuela fined two US oil service firms in the country and closed the offices of one for alleged bookkeeping irregularities, El Universal reported Tuesday.

A reported $25,000 in fines was levied against M-I Swaco of Houston and New York-based Schlumberger Ltd., according to Venezuelan tax officials.

M-I Swaco office was also forced to close for two days as part of their penalty.

Under the leadership of leftist Venezuelan President Hugo Chavez, taxes on foreign firms have risen dramatically over the last several years.