Venezuelan President Hugo Chavez says he plans to raise taxes on foreign oil companies in Venezuela.

Mr. Chavez Sunday described the move as a "tax on extraction," saying it would create one billion dollars in new state revenue.

He made the announcement Sunday during his weekly television and radio program.

The new tax will be 33 percent - up from 16.7 percent.

Mr. Chavez has accused foreign oil companies of exploiting his country's vast petroleum reserves without paying sufficient taxes, and has taken steps to increase revenue from the industry.

Some information for this report was provided by AFP and AP.