The Executive Committee is the administrative body of governance immediately below the Board of Directors of PDVSA. Whether the Notes were validly issued depends, in turn, on whether the court applies New York law or Venezuelan law. These are critical initial steps for the Guaid administration to restore credibility.. In 1987 PDVSA started exporting coal from western Venezuela through its subsidiary, Carbozulia. The industry leader for online information for tax, accounting and finance professionals. The first oil company incorporated in the country was the Compaia Nacional Minera Petrlia del Tchira, formed on October 12, 1878. WebBoard of Directors Samuel Wilhelm Belloso. The National Assembly of Venezuela refused to support the exchange. 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. 13850, as amended, for operating in the oil sector of the Venezuelan economy. The Free Dictionary Houston - December 15, 2020 - The Board of Directors of PDV Holding, Inc. (PDVH) and its subsidiaries welcomes the appointment of Horacio Francisco Medina Maduro's regime is insisting in the oil industry's de-facto privatization, which is aggravating its collapse. 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. 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. Si quieres estar al da y conocer todas las noticias y promociones de Bodegas Torremaciel. Prior to nationalization, Venezuela's refineries had been geared to use low gravity oil to produce heavy fuel oil for export to its traditional market, the northeast United States. As a prime source of hard dollars through both its earnings and crude oil purchases, Citgo will be the most valuable asset of a new Venezuelan government, and preserving its ownership without allowing any funds for the existing Maduro government is the most pragmatic course of action. A fusion of tradition, modernity and surroundings. The risk remains high as long as there are two parallel governments. The Second Circuit was called upon to decide whether to apply the law of New York or the law of Venezuela to determine the validity of certain notes issued by a state-owned oil company in Venezuela. On November 28, 2017, by decree N 3180, published in Official Gazette N 41288, the President of the Bolivarian Republic of Venezuela, Nicols Maduro, names citizen Al Rodrguez Araque, Honorary President of the State Company Petrleos de Venezuela, S.A., PDVSA. On the contrary, Guaid mainly brings upside risk to the Venezuelan debt, even after an orderly debt restructuring process that guarantees payments to debt holders and access to financial markets for the Venezuelan reconstruction. The Service Contracts system was introduced in 1967 through a partial reform of the Hydrocarbons Law, allowing the nation to negotiate with foreign companies under more advantageous conditions. The 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. 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%. PDVSA's last representative was Oswaldo Perez (Vice President Finance atPDVSA). A Maduro exit would create uncertainty until the new government decides which bond issuances and other obligations they will honor. 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. Get instant definitions for any word that hits you anywhere on the web. features Q&A with leaders in politics, economics, and finance every business day. 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. PDVSA supplies local markets through its four main operating subsidiaries, Lagoven, Maraven, Meneven, and Corpoven, which operate supply depots and about 1,600 petrol stations. To all readers, do the right thing, the honest thing: support independent investigative journalism, help us expose rampant corruption. PDVSA is also developing its large Orinoco oil belt using a new patented production method. 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. The exchange was also approved by the companys sole shareholder and by the boards of the PDVSAs subsidiaries with oversight and control of CITGO. The questions are: what happened to its 15%stake? Horacio Medina, former executive of PDVSA 2. The United States is determined to prevent the looting of Venezuelas oil assets by the corrupt Maduro regime.. Wilhelm Belloso and Andrs Arvelo Guerrero also joined the PDV Holding ad-hoc board that oversees Citgo. PEDRO RAFAEL TELLECHEA RUIZ PEOPLES MINISTER OF PETROLEUM. Nynas got rid of information of its Board of Directors altogether from its website. The PDVSA board formally approved the exchange of notes in 2016. WebBoard of Directors [ edit] Nelson Ferrer Vice President of Exploration and Production and Internal Director [52] Guillermo Blanco Vice President of Refining and Internal Director On October 31, 1989, PDVSA acquired 50% of Unocal's downstream assets in the midwestern United States. Interesting topic. . Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. Message to INFODIO readers: investigative journalism, which is what this site does, takes lots of time.Visiting media looking for a quick run down on Venezuela's gargantuan corruption, have the decency to at least cite the source when plagiarising this site's content without attribution (exhibit Reuters hereand here, exhibit Bloomberg here, exhibit OCCRP here). As a result of PDVSA's exploration record, this trend was reversed in 1985, so that by 1988 exports of light and medium crudes accounted for 50% of PDVSA's crude export package. Copyright 2018, INFODIO. PDVSA's oil would be marketed through the major international oil companies Exxon, Shell, and Gulf, thus guaranteeing the company a stable market share. U.S.-based executives of Citgo may recognize the new board and cooperate in an effort to avoid a PDVSA-bond default. 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. 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. PDVSA does not enjoy any tax privilege except for the tax-free receipt of 10% of the net income from its subsidiaries' export sales which, for accounting and tax purposes, is viewed as a cost incurred by the subsidiaries. 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. Petrleos de Venezuela S.A. (PDVSA) is wholly owned by the Venezuelan state and is the holding company for the national petroleum industry. The core activities of Rosneft Trading S.A. are marketing and distribution, including the trading, processing, and transport of raw materials, in particular unrefined petroleum and petroleum products. At meeting 2016-07 on May 2, 2016 the Board of Directors approved changes to the Executive Committee it is now composed of the president of Petrleos de Venezuela, S.A. as president of the committee, and the executive vice president and internal directors as members. 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. PDVSA products from the installations of the Isla refinery have been confiscated. His partner Betancourt, is part of several ongoing criminal probes. The Board of Directors shall be composed of no less than seven and no more than eleven AL RODRGUEZ ARAQUE +. 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. Genesis Sabrina Ron Solano, vice Creditors holding roughly $2.8 billion in 2017 Notes decided to participate and exchanged their notes for 2020 Notes. . Then congress chief Juan Guaido appointed new boards and won U.S. court recognition of their authority over the refining subsidiary. . Alessandro Bazzoni reportedly behind United Petroleo: where does that leave Luis Giusti? A lot. WebPetrleos de Venezuela (PDVSA) comprised of the President, two Vice-Presidents, Our current directors are: Certain information on our current directors is set forth below: Libertador con calle El Empalme Complejo MinPetrleo - PDVSA, La Campia, Caracas - Venezuela. The fate of the 2020 Notesand the billions of dollars those notes representis now in the hands of the New York Court of Appeals. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. After the district court dismissed the action for lack of standing and the Eleventh Circuit affirmed, an entity purporting to speak for Petrleos de Venezuela sought to substitute itself as the real party in interest. 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. 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. 9-13/09/2014. plagiarising this site's content without attribution, eraseinformation about their criminal activities, subordinated hybrid instruments (treated as equity), Spain's tax authority after Alejandro Betancourt. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. There is, however, another New York choice-of-law rule that may trump Section 5-1401. While this plain language reading is compelling at first glance, the court ultimately concluded that it did not mandate the application of general rules of Venezuelan law given the broader context of Article 8. Following the Bolivarian Revolution, PDVSA was mainly used as a political tool of the government. 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. During 1989, PDVSA produced around 1.6 million barrels of oil and condensate per day. Principal Subsidiaries: Corpoven; Maraven; Lagoven; Interven; Refineria Isla (Curaç); PDV (U.S.A.); PDV (Europe) (U.K.); Intevep; Bariven; Pequiven; Palmaven; Carbozulia. The United States has made it clear that we will consider lifting sanctions for those who take concrete, meaningful, and verifiable actions to support democratic order in Venezuela. Guaido would also appoint Angel Olmeta, Luis Urdaneta and Edgar Rincon to Citgos board of directors, sources said. 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. 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. The assets of the industry were acquired from the ex-concessionaires based on a net book value of US$1.17 billion. Exeario Boscn is a Its last reported accounts, as per website, are for 2020. 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. The Inter-American Dialogue hosted a private roundtable event featuring Ricardo Luna, the Peruvian Minister of Foreign Relations. Petrleos de Venezuela, S.A. Avenida. It also intends to increase its presence in the European down-stream sector through acquisitions. On January 29, 2017, the President of the Bolivarian Republic of Venezuela, Nicols Maduro Moros, appointed the new Board of Directors of Petrleos de Venezuela S.A. (PDVSA) by decree No. Citgo operating chief Edgar Rincon also stepped down from the board of Citgo Holding, according to a statement by the Guaido-led assembly. 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 It is PDVSA that has failed to honor our award by ignoring the judgment of the ICC tribunal and other local court orders. 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. 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. 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. GPB and large institutional creditors (banks) were dealt with, while Neste's 49% -which had written off its Nynas' stake- was acquired by a shell calledBitumina Industried Ltd, whichwouldfile for bankruptcy in London shortly after. Further, the court wrote that the district court would not have jurisdiction to conduct the requested inquiry on remand. Davidson Kempner entered the fray, acquiring banks' debt and Bitumina's 49% at a massive discount, becomingNynas's largest shareholder in the process. . Autol - Calahorra Motorway (LR-282) Km 7,Calahorra (La Rioja) - info@torremaciel.com - +34 941163021 - +34 941163493. Citgo split from Venezuelan state-run oil company PDVSA in 2019 after the U.S. imposed sanctions intended to oust Venezuela's President Nicolas Maduro. With this acquisition, PDVSA gained access to a deep conversion refinery near Chicago with an installed capacity of 153,000 barrels per day, as well as distribution and marketing facilities in Illinois, Michigan, Iowa, Ohio, and Wisconsin. Javascript is not enabled on your browser. It is also worth repeating that Francisco Convit, a GPB associate, is a Justice Department fugitive. It would be interesting to know what was the rationale of the NY lawmaker when it decided that this multilateral choice of law rule should exclude freedom of choice. Inter-American Dialogue The case of Nynas qualifies as one of the most brazen corporate raids seen in Venezuelan owned assets. The district court cannot question the validity of then-President Guaids appointment of an alternative board of directors. 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. These legislative objections notwithstanding, PDVSA followed through with the exchange. 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. 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 board of directors filed a lawsuit in the Southern District of New York against the trustee and the collateral agent for the 2020 Notes. As with previous OFAC designations, U.S. sanctions need not be permanent and are intended to change behavior. Please for proper display of our website you should enable it or use another browser that supports it. Get free summaries of new Eleventh Circuit US Court of Appeals opinions delivered to your inbox! These decisions are made at regular or special meetings. Tuesday's shakeup introduced five new appointees tied to different opposition parties, some of them the sons of former PDVSA executives. // Photo: @jguaido via Twitter. OFAC also designated the chairman of the board of directors and president of Rosneft Trading S.A., Didier Casimiro, for purporting to act for or on behalf of, directly or indirectly, Rosneft Trading S.A. Rosneft Trading S.A. and its president brokered the sale and transport of Venezuelan crude oil, said Secretary Steven T. Mnuchin. Gas reserves in the country are estimated at 93 trillion cubic feet of gas. What about Nynsstiftelsen's 35%? The plaintiffs appealed. Citgo has lost hundreds of million dollars over six of the last eight quarters amid pandemic-related demand declines and storm shutdowns. These rules matter. 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. 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.. at Transnational Litigation Blog in the weeks and months ahead. The National Assembly took the position that these notes were contracts of public interest which required legislative approval pursuant to Article 150 of the Venezuelan Constitution. The court first quoted the following language from the Prefatory Note to Article 8: [Article 8] deals with the mechanisms by which interests in securities are transferred, and the rights and duties of those who are involved in the transfer process. Our Standards: The Thomson Reuters Trust Principles. Venezuela, unlike the Middle East or Iran, devised a concessionary system whereby most oil companies could operate, regardless of nationality, and production costs were much lower than in the United States, which accounted for 70% of total world oil production at the time. the validity of a security.. The government's fiscal share composed of royalties, income tax, and other taxes, amounted to US$5.64 billion in 1988, representing almost 60% of total revenues of US$9.51 billion. Sources reported that a mezzanine loan given to Nynas by Betancourt and outstanding debt owed to Petrozamora (joint venture formed by Betancourt, Ivanov and co with PDVSA, which wasNynas' largest crude provider), guaranteed GPB's seat at the reorganisation table. read more. . Source: International Directory of Company Histories, Vol. PDVSA operates under broad policy guidelines issued by the government. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. U.S.-based executives of Citgo may recognize the new board and cooperate in an effort to avoid a PDVSA-bond default. Suite800 The Inter-American Dialogue engages our network of global leaders to foster democratic governance, prosperity, and social equity in Latin America and the Caribbean. This opinion or order relates to an opinion or order originally issued on March 18, 2021. 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. 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, The 2020 Notes contain New York choice-of-law clauses. 2703, published in the Extraordinary Official Gazette of the Bolivarian Republic of Venezuela No.6284. Finally, I discuss the choice-of-law question that lies at the heart of the case. 4.138 and No. 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. governs . 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. Webad-hoc board of directors of the state-owned oil company Petrleos de Venezuela, S.A. (PDVSA). [This post is cross-posted at Transnational Litigation Blog.]. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. WebPetrleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peeesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. WebThe members of the Board of Directors of PDVSA are: President: Manuel Quevedo Fernndez Vicepresident of Production and Exploitation: Miguel Quintana Castro, substituting Nelson A recent decision in the U.S. Court of Appeals for the Second Circuit, Petrleos de Venezuela S.A. v. MUFG Union Bank, N.A., is a case in point. Infodio.comhas no issues with other websites / journalists using / posting information published here, so long as the source is properly cited. Brussels; Chicago; Denver; Doha; Indianapolis; London; Los Angeles; New York 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. Venezuelan businessman Luis Giusti Lugo, the son of a former PDVSA president, will replace CEO Jorda on the Citgo Petroleum board, while Ernesto Hernndez Bolvar will replace Pablo Prez on the same board, the statement said. 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. The new members of the board of directors are: 1. All quotes delayed a minimum of 15 minutes. Aside from preferential "subordinated hybrid instruments (treated as equity)"and 49% stake,remaining 35% inNynsstiftelsen and 15% in PDVSA (PDV Europa B.V.), must have gottendiluted somehow: PDVSA no longer has a seat on Nynas' Board. Skip to main content LinkedIn. On March 1, 1978, PDVSA assumed full responsibility for the country's petrochemical industry when the government transferred the ownership of Petroqumica de Venezuela SA (Pequiven) to PDVSA. Nicolas Maduro sold Nynas to mistery buyer? The first formal concession for its exploitation, however, was not awarded until August 24, 1865, when Camilo Ferrand procured the rights from the president of Zulia state. Frontera Energy Corporation Executive Director Although PDVSA is a state enterprise, it is expected to finance its normal investment program from its own resources, under a 10% cash flow mechanism whereby 10% of pre-tax export sales profits may be retained for the purpose of reinvestment by the company.
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