Friday, November 17, 2006

Venezuela's tax agency said Thursday that French oil company Total SA owes the country US$17.3 million (euro13.5 million) in unpaid taxes from last year.

The company has 15 days to pay the amount owed plus a 10 percent fine, the agency said in a statement.

The fine comes after Venezuelan tax authorities billed Italian oil company Eni SpA the previous day for US$6 million (euro4.7 million) in 2005 taxes.

The government seized two oil fields from Total and Eni earlier this year after they refused to renegotiate operating contracts for the sites.