Oil: Venezuelan tax office gives Royal Dutch Shell, time to pay

The Venezuelan tax office has given Anglo-Dutch company Royal Dutch Shell, a few more months to pay its tax arrears. No doubt the company will be greatly relieved as the tax office had earlier closed RDS offices for two days and threatened to stop production.

Oil companies operating in Venezuela have received tax increases following a decision by President Hugo Chavez' government to demand an additional $2 billion in tax.

Royal Dutch Shell, owes $130 million.