Speaking during a radio address, Chavez Frias details what oil companies must pay ... 50% of internal revenue and 30% royalties, which he claims, companies have been holding out on.

Companies must not only adhere to new tax increases, The President maintains, but also make arrear payments ... "if they don't pay, then they will have to leave."

• The measure is seen as part of a government reply to attacks on oil production levels and management of the oil industry in general.

The IRS/Seniat has been entrusted with opening an investigation into what companies allegedly owe Venezuela.

In a reply to complaints that some companies have sustained losses this year, the President quips that oil does not sustain losses in any part of the world and he's not swallowing that story.

The President has announced that he wants to fix a ceiling on international reserves and is requesting the National Assembly (AN) to debate and pass a law governing the matter, alleging that there is too much of Venezuelan money stored in North American banks.

Venezuela is ready to cooperate with Nicaragua, the President announces, in facilitating oil supplies and he has welcomed the initiative of Sandinista Mayor of Managua, Dionisio Marenco, who traveled to Caracas two weeks ago to broker a special preferential oil agreement.