To what extent are investors seeing Venezuelan debt as a good deal, and to what extent will U.S. sanctions affect trading? El ataque a la Asamblea Nacional en Venezuela, tensiones diplomticas con Corea del Norte, y la reunin del G20 en Hamburgo temas de discusin en este programa de Club de Prensa. Copyright (c) 2022 Company-Histories.com. 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. Commercial marketing of the fuel has started at a modest level of 20,000 barrels per day, but could reach 600,000 barrels per day by the middle of the decade. As Maduro continues to resist pressure to resign, sanctions will increasingly restrict his access to cash and hinder his ability to move petroleum. This appeal involves a nonjusticiable political question: who has the authority to litigate in the name of the Venezuelan state oil company, Petrleos de Venezuela, S.A. 9-13/09/2014. Orimulsion is a rival product to coal and according to PDVSA is not intended to compete with heavy fuel oil. Este giro en el comportamiento de la actividad econmica fue promovido por un Webpdvsa | 2,571 followers on LinkedIn. As the highest governing body of the company, the shareholder meeting is the ultimate authority over the direction and administration of PDVSA. It is also worth repeating that Francisco Convit, a GPB associate, is a Justice Department fugitive. During the administration of Rafael Caldera the initiative in oil matters shifted from the executive to congress, which increased corporation taxes on oil business and allowed the government unilaterally to determine reference prices for crude oil. governs . Vladimir Anisimov has been for decades associated / employed by Nikolay Patrushev, while Boris Ivanov's diplomatic past and associations with Gazprom are just the right credentials necessary to enter Treasury's sanctions list. Minister Luna also addressed some of the upcoming plans his government has in its preparation to host the eighth Summit of the Americas next March in Lima. read more. Autol - Calahorra Motorway (LR-282) Km 7,Calahorra (La Rioja) - [email protected] - +34 941163021 - +34 941163493. 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. Javascript is not enabled on your browser. 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). The 2020 Notes contain New York choice-of-law clauses. In August 2019, Rosneft Trading S.A. negotiated a shipment of two million barrels of Venezuelan crude oil with PdVSA and was able to find a vessel willing to transport the cargo despite difficulties that came with doing business in Venezuela. Pequiven has two petrochemical complexes: Morn in Carabobo state and El Tablazo in Zulia state. WebPresident of the Board of Directors Contact 2 Contact 3 See All Contacts Dynamic search and list-building capabilities Real-time trigger alerts Comprehensive company profiles Valuable research and technology reports Get a D&B Hoovers Free Trial Financial Data Section 5-1401 states that it shall not apply to any contract to the extent provided to the contrary in . 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. During 1989, PDVSA produced around 1.6 million barrels of oil and condensate per day. By the autumn of 1973 the possibility of an early reversion before 1983 was introduced and started to gain acceptance, replacing the original plan to start nationalizing the industry from 1983. Exclusive news, data and analytics for financial market professionals, Reporting by Luc Cohen and Marianna Parraga Under the principle of Constitutional supremacy, applicable within Venezuela and also in the US, that should have been noted by the 2nd Circuit, the 2020 Notes would need to be *independently* valid under both Venezuelan constitutional law and corporate law to be enforceable in Venezuela and abroad. 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. The opposition has moved to appoint a new board of directors for Citgo. at Transnational Litigation Blog in the weeks and months ahead. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. The Eleventh Circuit affirmed the district courts ruling denying intervenors motion to reopen and substitute on behalf of Petrleos de Venezuela in their claims alleging conspiracy, antitrust, cybercrime, and fraud claims against various individuals and entities. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. Presentado por Juan Carlos Iragorri, con la participacin de Xavier Vil, periodista y analista cataln; Jos Lpez Zamorano, corresponsal jefe de Notimex Mxico; Michael Shifter, presidente del Dilogo Interamericano. These are critical initial steps for the Guaid administration to restore credibility.. The National Assembly of Venezuela refused to support the exchange. Board of Directors; La Junta Directiva; Jobs, Internships, and Fellowships; (PDVSA). . On March 21, 2023, by decree No. PDVSA supplies the domestic market with approximately 335,000 barrels per day of petroleum products, which represent approximately 20% of total production. Since the trend toward heavy oil has been reversed with the discoveries of light oil in Monagas and Apure, PDVSA has continued to concentrate its exploration efforts on finding light and medium oil, and between 1988 and 1993 has planned to drill 112 exploration wells to add a possible 9.4 billion barrels of reserves to the existing 58 billion barrels. STANDS4 LLC, 2023. How does PDVSA exercise its rights at Nynas? 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. 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. 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. Whether the Notes were validly issued depends, in turn, on whether the court applies New York law or Venezuelan law. That sum is just part of $21.2 billion that PDVSA holds in commercial accounts receivables - including $3.6 billion that are potentially unrecoverable - Reuters disclosed last week. GL 8F extends the validity period of certain maintenance activities involving Petrleos de Venezuela S.A. (PdVSA) until December 1, 2020, but also narrows the scope of the prior license and provides a new authorization for wind-down transactions and activities. Frontera Energy Corporation Executive Director The entitys board was appointed by Nicols Maduro, who claims to be the president of Venezuela. A fusion of tradition, modernity and surroundings. The court observed that if the term validity were given a broad scope, it would swallow whole any choice of law analysis involving the formation of a contract for securities. The court cited state legislative history indicating that the term validity in Article 8 referred merely to whether a security ha[d] been issued pursuant to appropriate corporate or similar action. The court also quoted the authors of a leading treatise on Article 8 as saying that: Obviously, the concept of invalidity as used in this section must have a narrower scope than one might encounter in other legal contexts, e.g., in a dispute about whether the obligation represented by the security is enforceable or legal, valid, and binding.. The court began its analysis by observing that the strongest argument in support of a broad interpretation is based on plain language. It passed two resolutions one in May 2016 and one in September 2016 challenging the power of the executive branch to proceed with the transaction and expressly rejecting the pledge of CITGO assets in the 2020 Notes. Websovereign. the members of its board of directors, are as follows: Ali Rodriguez Araque: Designated PDVSA President in April 2002, Rodriguez has a If the notes were not validly issued, they are not binding on PDVSA, and the CITGO assets may not be seized by the noteholders in the event of default. Its last reported accounts, as per website, are for 2020. Source: International Directory of Company Histories, Vol. Venezuela's move toward controlling its oil industry took a significant step in 1943, when the new hydrocarbon law integrated all oil legislation. Brussels; Chicago; Denver; Doha; Indianapolis; London; Los Angeles; New York Chief Executive Carlos Jorda was replaced at the boards of Citgo Petroleum and parent company Citgo Holding. Since 1978 it has been responsible for the petrochemical sector, and in 1985 it was entrusted with the development of the country's coal resources located in western Venezuela. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The U.S. government will not roll back its sanctions as long as Nicols Maduro is in power. Petrleos de Venezuela, S.A. (PDVSA), is a national company strongly committed to the Venezuelan people. Tuesday's shakeup introduced five new appointees tied to different opposition parties, some of them the sons of former PDVSA executives. The rest was owned by Finland's Neste group. After concluding that the term validity in Section 8-110 should be interpreted narrowly to select only Venezuelan corporate law, the district court applied New York contract law. Jorda and Rincon remain in their executive roles, a Citgo spokeswoman said. June 1 (Reuters) - Venezuela's political opposition on Tuesday approved the replacement of members of the boards overseeing Citgo Petroleum Corp as factions in the movement led by Juan Guaido try to gain greater influence over Houston-based oil refiner. Interesting topic. Citgo's current administration has never been opposed to paying dividends to its shareholder, the company said in a statement. You already receive all suggested Justia Opinion Summary Newsletters. Treasury sanctions forced PDVSA to shed 35% of the 50%+ it had into a nondescript vehicle (Nynsstiftelsenor NyColleagues AB), controlled by Nynas' management. Caracas.-Petrleos de Venezuela, S.A.(PDVSA) announces the appointment of two new members to the Board of Directors of the Company, by decree N 2183 of the Constitutional President of the Bolivarian Republic of Venezuela Nicols Maduro, published in Official Gazette N 40826 of January 12, 2016, in accordance with the existing legal Accordingly, if he does not step down, investors with defaulted bonds will possibly need OFACs authorization to enter into a restructuring agreement with the Venezuelan government or to pursue U.S. legal actions stemming from such bonds. Finally, the district court noted the virtual absence of any New York case law supporting the broad interpretation of the validity favored by the plaintiffs. Then congress The risk remains high as long as there are two parallel governments. The man provided a raw material for the syrups, which are linked to the deaths of more than 70 children in Gambia. A holding company, PDVSA, was established to coordinate, supervise, control, and plan the activities of its subsidiaries made up of the 14 former operating companies. The underlying action, brought by a litigation trust on behalf of Petrleos de Venezuela, alleged conspiracy, antitrust, cybercrime, and fraud claims against various individuals and entities. Citgo has lost hundreds of million dollars over six of the last eight quarters amid pandemic-related demand declines and storm shutdowns. And even if the Department of State declared today that the Maduro entity is authorized to bring suit in Petrleos de Venezuelas name, the court would still affirm because, under Article III, a justiciable case or controversy must exist through all stages of the litigation, including at the time the complaint is filed.. the validity of a security.. As president of the National Assembly, he has assumed the powers of interim president in accordance with Article 233 of the Venezuelan Constitution, given the end of the presidential term and the illegitimate elections held last May. This is the billion-dollar choice-of-law question. On October 13, 2022, the U.S. Court of Appeals for the Second Circuit declined to provide a definitive answer as to the interpretive question discussed above. What about Nynsstiftelsen's 35%? The case of Nynas qualifies as one of the most brazen corporate raids seen in Venezuelan owned assets. What would happen to Venezuelas defaulted bonds if President Nicols Maduro steps down, and what would happen to them if he remains in power? On October 31, 1989, PDVSA acquired 50% of Unocal's downstream assets in the midwestern United States. The district court cannot question the validity of then-President Guaids appointment of an alternative board of directors. Privacy Policy. The opposition has moved to appoint a new board of directors for Citgo. Guaids newly appointed then directorsreconstituted the boards of directors of the nominal defendants in this action three Delaware entities In 1990 Propernyn became the sole owner of CITGO. Michelle DiGruttolo, senior managing director at Ankura, and Jay Squiers, managing director in the firms energy restructuring office:The latest sanctions will ensure that trading on both Venezuelan government-issued bonds and PDVSA bonds remains at a virtual standstill. The original 14 operating subsidiaries were integrated in 1977 into four major companies, Lagoven, Maraven, Meneven and Corpoven. Get instant definitions for any word that hits you anywhere on the web. section 1-301 of the Uniform Commercial Code. Section 1-301(c) states that if N.Y Commercial Code Section 8-110 specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law so specified. Section 8-110(a), in turn, states that [t]he local law of the issuers jurisdiction . The plaintiffs appealed. 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. Infodio.comhas no issues with other websites / journalists using / posting information published here, so long as the source is properly cited. The new government also believed that the oil industry was disinvesting; for instance, the number of exploration wells drilled had declined from 589 in 1958 to 148 in 1973, causing the reserves to production ratio to decline. As a result, the regulations issued by OFAC have nearly paralyzed trading of Venezuelan bonds. 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. In 1876, a report submitted to the president of Zulia on the petroleum and asphalt deposits in the Maracaibo basin indicated the existence of an oil seep near Tarra, producing 5,760 gallons a day. The President of Venezuela has the power to appoint the board of directors of PDVSA. 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. The Ceuta field produces 100,000 barrels per day and is expected to reach 200,000 barrels per day in 1993. 13850, as amended, for operating in the oil sector of the Venezuelan economy. The government also began to feel that the previous policy of awarding service contracts would not be successful because it would not provide a more viable alternative to the outright nationalization of the industry. In his last presidential address, Caldera urged the new incumbent, Carlos Andrés Prez of Accin Democrtica, to nationalize the industry. 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. 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. As President of PDV Holding, Inc., Samuel Wilhelm is an experienced global oil and gas business Exeario Boscn. WebThe new members of the board of directors are: 1. On March 22, 1974, a committee was set up to prepare a draft bill whereby the state itself would maintain the industry and trade of hydrocarbons. WebThe members of the Board of Directors of PDVSA are: President: Manuel Quevedo Fernndez Vicepresident of Production and Exploitation: Miguel Quintana Castro, substituting Nelson 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. 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. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. In its first year of operation, PDVSA received net income of US$825.6 million, increasing to US$1.88 billion in 1977, but with the decline in oil prices the company's net income also suffered, falling to US$731 million in 1988. We're doing our best to make sure our content is useful, accurate and safe.If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly. Si quieres estar al da y conocer todas las noticias y promociones de Bodegas Torremaciel. CITGO is owned by PDVSA through a series of subsidiaries and is considered by many to be the crown jewel of Venezuelas strategic assets abroad. The new PDVSA includes: Pedro Rafael Tellechea Ruz, president. The United States was PDVSA's main market, accounting for 54% or 891,000 barrels per day of total exports in 1988, with Europe in second place with 205,000 barrels per day or 12.4%. In January 2020, Rosneft Trading S.A. facilitated, on behalf of PdVSA, a shipment of two million barrels of Merey-16 crude oil from Venezuela to West Africa. To all readers, do the right thing, the honest thing: support independent investigative journalism, help us expose rampant corruption. PDVSA's last representative was Oswaldo Perez (Vice President Finance atPDVSA). This opinion or order relates to an opinion or order originally issued on March 18, 2021. The products sold are petrol, aviation fuel, diesel fuel, lubricants, kerosene, and asphalt, with petrol accounting for almost half of total consumption. PDVSA products from the installations of the Isla refinery have been confiscated. Initial exports started at 500,000 tons but are expected to reach 6.5 million tons by 1995. Genesis Sabrina Ron Solano, vice A completely rigged reorganisation process followed, whereby representatives of GPB Global Resources BV (Alejandro Betancourt, Francisco Convit, Boris Ivanov, Vladimir Anisimov)not only illegally appointed legal counsel on PDVSA's behalf, but managed to get preferential treatment among creditors. The US also used personal sanctions first selectively imposed by the Obama administration in 2015 to target top government officials and political figures as well as private-sector actors believed to be connected with the Maduro government. Suite800 The Inter-American Dialogue hosted a private roundtable event featuring Ricardo Luna, the Peruvian Minister of Foreign Relations. On December 22, 2017, the President of the Bolivarian Republic of Venezuela, Nicols Maduro Moros, replaced the vice president of Trade and Supply and the vice president of Gas of Petrleos de Venezuela S.A. (PDVSA) by decree N 3219, published in the Extraordinary Official Gazette of the Bolivarian Republic of Venezuela N 6351. A default on those bonds would place the refiners equity ownership at the center of foreclosure battles involving bondholders, both Venezuelan presidents and Rosneft, which holds half of the Citgo-collateralized PDVSA bonds. It owns 12 refineries with an overall processing capacity of 1.75 million barrels per day, of which 945,000 million barrels per day are processed in Venezuela and the rest in the United States, Europe, and the Dutch Antilles. After reviewing the various arguments for and against a broad interpretation of validity, the court certified the question to the New York Court of Appeals. Davidson Kempner entered the fray, acquiring banks' debt and Bitumina's 49% at a massive discount, becomingNynas's largest shareholder in the process. A lot. "pdvsa." Identifying information on the entity and individual designated today. 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