9-13/09/2014. There will be additional updates and commentary on Petrleos de Venezuela S.A. v. MUFG Union Bank, N.A. The first oil company incorporated in the country was the Compaia Nacional Minera Petrlia del Tchira, formed on October 12, 1878. WebPDVSA.COM / Saturday, 05 May 2018 Caracas.- On May 3, 2018, Decree N 3398 of the Presidency of the Republic was published in Official Gazette N 41389, by means of which the Board of Directors of Petrleos de Venezuela, S.A. (PDVSA) is named, ratifying Manuel Quevedo as President of PDVSA. These appointments are relevant as the ad-hoc board of directors controls the most important assets of the oil company abroad, including the subsidiary Citgo Petroleum Corp., located in the United States. WebPDVSA President Board and Advisor Roles Number of Current Board & Advisor Roles 2 Number of Past Board & Advisor Roles 1 Ronald Pantin holds 2 board and advisor roles as Executive Director at Frontera Energy Corporation and Member of Board of Directors at CGX Energy. Since the aggregate value of the 2020 Notes is far greater than $250,000, and since the 2020 Notes have no relation to personal, family or household services, it may seem that the court should simply apply New York law and call it a day. How come it no longer appoints representatives to Nynas' Board? At the same time it was felt that the companies--which would lose their concessions at a given date--were not investing enough to maintain their equipment and fields in working order, and without any guarantees of future profits the companies would disinvest and hand over the concessions in 1983, when the concessions expired, in a poor state. If Venezuelan law is applied, then the notes may well be deemed invalid and the noteholders will be stymied. WebOn Monday October 8th, Petrleos de Venezuela (PDVSA) Board of Directors held a work meeting in order to review financial matters accountability from January to September 2018. Este giro en el comportamiento de la actividad econmica fue promovido por un Then congress All of the above was,and continues to be, ignored by Swedish and American authorities. The Eleventh Circuit affirmed the district courts ruling denying intervenors motion to reopen and You're all set! Genesis Sabrina Ron Solano, vice However, under the amendments that the U.S. Office of Foreign Assets Control (OFAC) made to its regulations on Feb. 1, first, U.S. persons can no longer purchase any additional bonds; second, current bondholders can transfer such bonds to non-U.S. persons only; and third, U.S. financial institutions involved in a transfer or divestment of Venezuelan bonds must review all information that is or should be in their possession to confirm that such bonds are not being transferred to U.S. persons. 2703, published in the Extraordinary Official Gazette of the Bolivarian Republic of Venezuela No.6284. Oil reserves in Venezuela are the largest in the world and the state-owned PDVSA provides the government of Venezuela with substantial funding resources. The National Assembly of Venezuela refused to support the exchange. The publication is available to members of the Dialogues. Webad-hoc board of directors of the state-owned oil company Petrleos de Venezuela, S.A. (PDVSA). The most important domestic refineries in terms of capacity are Amuay with 630,000 barrels per day and Cardn with 350,000 barrels per day. Our goal is the efficient and transparent management of Venezuelan resources under rules that regulate our structure and operations and following professional and ethical principles to benefit the interests of Venezuela. All quotes delayed a minimum of 15 minutes. learn how over 7,000 companies got started! PDVSA reserved the right to reduce the volume of oil placed in this manner by 10% after the first year, and by 20% in the second year. N.Y. General Obligations Law 5-1401 states that a New York choice-of-law clause should be enforced whenever it appears in a business contract worth more than $250,000 in the aggregate. 2008-20 on September 12, 2006, except for budget approval, Management Report, and any other decisions related to the indebtedness of the corporation, all of which have to be ratified by the Board of Directors to be legally valid. The prices of Venezuelan government bonds rallied after National Assembly President Juan Guaid declared himself the countrys legitimate president and won official recognition from numerous countries, including the United States. Locations. Oil has been known and used in Venezuela since seepages were found on the shores of Lake Maracaibo during the colonial period, which ended in 1910. The United States is determined to prevent the looting of Venezuelas oil assets by the corrupt Maduro regime.. . . A federal court sitting in diversity must look to the choice-of-law rules of the state in which it sitshere, New Yorkto decide which jurisdictions law to apply. In my view, the 2020 Notes were invalid ab-initio due to the lack of Assembly approval as required by Article 150, irrespective of corporate law compliance. Brussels; Chicago; Denver; Doha; Indianapolis; London; Los Angeles; New York This term validity is not generally understood to refer solely to corporate formalities. St. James Press, 1991. The discussion highlighted the Ministers position on the best way for the international community to handle the crisis in Venezuela and how to confront infrastructural-based corruption throughout Latin America. All rights reserved. Mr. Rubn Figuera, first President of PetroSucre (January - December 2008), CVP's General Manager of Offshore Joint Ventures (March 2007 November 2009), and Internal Director of CVP's Board of Directors (May 2014 August 2017). Petrleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peeesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. Samuel Wilhelm Belloso, the son of a former PDVSA executive, and Elio Tortolero Arvalo are joining the Citgo Holding board, replacing Jorda and COO Rincon. The plan also includes the privatization of the many companies nationalized during the Chvez and Maduro governments, stopping the monetization of the fiscal deficit by the Central Bank and strengthening its autonomy. The new board of directors filed a lawsuit in the Southern District of New York against the trustee and the collateral agent for the 2020 Notes. The exploration effort will be concentrated on the Furrial-Musipn geological trend in Monagas where 51 wells are to be drilled and on the North-Central section of Lake Maracaibo where 43 wells are to be drilled. Through its ownership of CITGO Petroleum Corporation, PDVSA also owns refineries at Lake Charles, Louisiana, and refineries at Corpus Christi, Texas. 4. The National Assembly statement did not provide a reason for the moves, which come after several previous management changes at the company. PDVSA continues to invest in its production facilities with the intention of increasing production in a few years' time. Under the Hydrocarbon Law, every agreement for PDVSA to cede exploration and production rights is illegal and unconstitutional. The district court cannot question the validity of then-President Guaids appointment of an alternative board of directors. WebGiven the current political situation in Venezuela, the PDV Holding board was elected by the ad hoc Board of Directors of PDVSA which was appointed by, and now accountable to, In 1959 the national government decided to grant no further concessions, thus ending a system that dated back to the previous century. These discoveries will have a profound impact on the country's crude export mix, as the Monagas prospects, which currently produce 80,000 barrels per day of light oil, are expected to reach plateau production--the stable production period before the field declines--of 500,000 barrels per day in 1994. In the fall of 2019, PdVSA planned oil shipments with Rosneft Trading S.A. involving 55 million barrels of crude oil liftings from September to December 2019. Further, the court wrote that the district court would not have jurisdiction to conduct the requested inquiry on remand. Board of Directors shall be composed of no less than seven and no more than eleven members appointedby presidential decree for an initial term of two years, renewable for equal terms or until a new Board of Directors is appointed. Morn manufactures fertilizers as well as several chemicals for the domestic market. As a result, he will struggle to pay the October 2020 PDVSA bond, increasing the risk of default on the Citgo-collateralized loan. Registered in the Canton of Geneva, Switzerland as a trading company in January 2011, Rosneft Trading S.A. was created to assist Rosneft Oil Company in carrying out its foreign projects. On the one hand, the term may be interpreted broadly to refer to both the corporate law of Venezuela and to Venezuelan law more broadly. Profits were also used to assist the presidency, with funds directed towards allies of the Venezuelan government.With PDVSA focusing on political projects instead of oil production, mechanical and technical statuses deteriorated while employee expertise was removed following thousands of politically-motivated firings. CVP was to operate in competition with foreign concessionaires in the country and was to be the official instrument of the country's petroleum policy. With this goal in mind, between 1978 and 1987, the company decided to upgrade its refineries in Amuay, Cardn, and El Palito to reduce the proportion of residual fuels obtained in the refining process and increase the proportion of naphtha, gasoline and distillates. PDVSA decided to secure long-term outlets for its crude oil by increasing its presence in foreign downstream markets, mainly in the United States and Europe. Initial exports started at 500,000 tons but are expected to reach 6.5 million tons by 1995. Didier Casimiro is the chairman of the board of directors and president with sole signing authority of Rosneft Trading S.A. Casimiro has held meetings with Petroleos de Venezuela (PdVSA) officials that have involved assessing projects and opportunities to strengthen strategic relationships for Rosneft Trading S.A. with PdVSA. From a European perspective, this case would seem to be, at first sight, about the interpretation of the scope of an overriding mandatory provision, which should obviously trump any choice of law clause concluded by the parties. Citgo operating chief Edgar Rincon also stepped down from the board of Citgo Holding, according to a statement by the Guaido-led assembly. Justia makes no guarantees or warranties that the annotations are accurate or reflect the current state of law, and no annotation is intended to be, nor should it be construed as, legal advice. WebPDVSA SERVICES | 10,410 followers on LinkedIn. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Suscrbete a nuestro boletin de noticias. Get free summaries of new Eleventh Circuit US Court of Appeals opinions delivered to your inbox! Whether the Notes were validly issued depends, in turn, on whether the court applies New York law or Venezuelan law. 4.139, published in the Extraordinary Official Gazette; 6,512, the president of the Bolivarian Republic of Venezuela, Nicols Maduro, appointed four new vice-presidents in the core areas of Petrleos de Venezuela, S.A. (PDVSA), as well as the new president of the Venezuelan Petroleum Corporation (CVP), a subsidiary that manages PDVSA's interests in joint exploration and production companies with national and foreign private oil companies. The proportion of light and medium crude oil in Venezuela's export package declined between 1976 and 1984, with a complementary increase in the volume of heavy crude exports. On October 31, 1989, PDVSA acquired 50% of Unocal's downstream assets in the midwestern United States. These discoveries have added between 10 and 12 billion barrels of light and medium grade crude oil to a reserve base which was disproportionately biased towards heavier oils. PDVSA's success in exploration has resulted mainly from discoveries made around 1987 at El Furrial in the eastern state of Monagas, with estimated reserves of 538 million barrels and with an upside potential of 1.1 billion barrels, in the Ceuta South-Southeast field in Lake Maracaibo with estimated recoverable reserves of one billion barrels, and in the Guafita field in Apure, next to the Cao Limn field in Colombia, with estimated recoverable reserves of 500 million barrels. WebPetrleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peeesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. The assets of the industry were acquired from the ex-concessionaires based on a net book value of US$1.17 billion. It also intends to increase its presence in the European down-stream sector through acquisitions. Discover People Learning Jobs Join now Sign in Project Director jobs 99,252 open jobs If the term was as sweeping as the plaintiff claimed, the court reasoned, there would be more cases where the courts had applied Section 8-110. Websovereign. What do the election results mean for President Nicols Maduro and his grip on the presidency? Washington The U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) today designated Rosneft Trading S.A., the Swiss-incorporated, Russian-controlled oil brokerage firm pursuant to Executive Order (E.O.) Pdvsa is managed by a president and two vice-presidents, each of whom is named to his job for 2 years by the president of Venezuela. Its last reported accounts, as per website, are for 2020. Against this backdrop, and considering that the U.S. government could issue additional sanctions targeting Venezuela in the coming days, it is certainly growing riskier to hold Venezuelan debt., Jose Pineda, senior consultant at DevTech Systems and adjunct professor at Sauder University of British Columbia:First, Juan Guaid did not proclaim himself president. Incompetence within the company has led to serious inefficiencies and accidents as well as endemic corruption. In his last presidential address, Caldera urged the new incumbent, Carlos Andrés Prez of Accin Democrtica, to nationalize the industry. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. The El Tablazo plant produces olefins, caustic soda, and chlorine, which are sold to other nearby industries. Gas reserves in the country are estimated at 93 trillion cubic feet of gas. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The main powers of the Shareholder Meeting include: learn about, and to approve or not approve the annual report of the Board of Directors, as well as the financial statements and consolidated budgets of investments and operations of PDVSA and subsidiary companies or entities, define the functions and duties of the members of the Board of Directors, issue regulations on internal organization, learn about the report of the commercial commissioner and appoint the deputy. Principal Subsidiaries: Corpoven; Maraven; Lagoven; Interven; Refineria Isla (Curaç); PDV (U.S.A.); PDV (Europe) (U.K.); Intevep; Bariven; Pequiven; Palmaven; Carbozulia. As consumers, we often take for granted all the hard work that goes into building a great company. Treasury sanctions on PDVSA caused a great deal of disruption, which pushed Nynas to the brink of bankruptcy. Guaid appointed a new PDVSA board of directors, which was recognized as the legitimate board by the United States even though it does not control the companys operations inside Venezuela. Hernandez Bolvar will fill the seat vacated on that board by Luisa Palacios in October. Horacio Medina, former executive of PDVSA 2. What about Nynsstiftelsen's 35%? So, under the political-question doctrine, it was powerless to grant the Maduro entitys motion to substitute the entity as the real party in interest in contravention of the position taken by the United States Department of State. Petrleos de Venezuela, S.A. (PDVSA), is a national company strongly committed to the Venezuelan people. There is lower default risk in Citgo than in PDVSA, but the difference is not enough to justify taking a yield of 10% when PDVSA's October 2015s offer an annualised yield of around 24%. Subsidiary Propernyn PDVSA bought 50% of CITGO from the Southland Corporation. If Citgo declares a dividend, under direction of the newly appointed directors, they could direct the dividend to fund the required payment on the PDVSA bonds to avoid default. New PDVSA Board of Directors installed and sworn in PDVSA.COM / Tuesday, 10 January 2023 COMPARTIR: ACCESOS RPIDOS Subsidiaries PDVSA Radio Revista Treasury Targets Russian Oil Brokerage Firm for Supporting Illegitimate Maduro Regime, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Media Advisory: Sanctions-Related Travel by Senior Treasury Department Officials, Treasury, IRS Release Plan to Deliver Improved Service for Americans, Reduce Deficit by Hundreds of Billions, Remarks by Secretary of the Treasury Janet L. Yellen at the National Association for Business Economics 39th Annual Economic Policy Conference, Report on Foreign Portfolio Holdings of U.S. Securities at End-June 2022, Treasury Department Announces Approval of Federal Funds to Connect Hawaii Homes and Families to Affordable, High-Speed Internet as Part of President Bidens Investing in America Agenda, Treasury Sanctions Fugitive, Others Linked to CJNG Timeshare Fraud Network, Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at Media Engagement in Astana, Kazakhstan, Remarks by Secretary of the Treasury Janet L. Yellen at the Sacramento Metropolitan Chamber of Commerces 51st Annual Capitol-to-Capitol Program As, Remarks by Under Secretary Brian Nelson at American Chamber of Commerce Austria Roundtable, Form 941, employer's quarterly federal tax return, Identifying information on the entity and individual designated today, READOUT: G7 Enforcement Coordination Mechanism Deputies Meeting, READOUT: Treasury Department Convenes Roundtable to Discuss the American Rescue Plans Historic Investments in Rental Assistance for AANHPI Communities, READOUT: Treasury Department Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service.
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