ConocoPhillips insists Venezuela restructure its tax system to attract investment
Venezuela needs to "completely reconfigure" its tax system to attract new "investments," ConocoPhillips CEO Ryan Lance said on Tuesday at the CERAWeek conference in Houston, according to Reuters. Lance described the reform of the Hydrocarbons Law as "unfortunately inadequate" and said the country needed to guarantee the durability of contracts to attract large-scale investments.
TL;DR
- Venezuela needs to completely reconfigure its fiscal system to attract investments.
- The reform of the Hydrocarbons Law is considered "unfortunately inadequate."
- The country must guarantee the durability of contracts for large-scale investments.
- Venezuela owes ConocoPhillips $12 billion from the 2007 expropriation of its assets.
- Chevron CEO Mike Wirth echoed similar sentiments regarding the need for specific incentives under the new Hydrocarbons Law.