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pdvsa board of directors

Guaido Team Adds to PDVSA Ad Hoc Board - Energy PDVSA supplies the domestic market with approximately 335,000 barrels per day of petroleum products, which represent approximately 20% of total production. IsNynsstiftelsen's stake tied to PDVSA? PDVSA Suite800 IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE The original 14 operating subsidiaries were integrated in 1977 into four major companies, Lagoven, Maraven, Meneven and Corpoven. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The estimated oil in situ is around two trillion barrels. These legislative objections notwithstanding, PDVSA followed through with the exchange. 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. Autol - Calahorra Motorway (LR-282) Km 7,Calahorra (La Rioja) - info@torremaciel.com - +34 941163021 - +34 941163493. PDVSA 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. . 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. PDVSA's last representative was Oswaldo Perez (Vice President Finance atPDVSA). . 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. On February 29, 2020, according to decrees No. Brussels; Chicago; Denver; Doha; Indianapolis; London; Los Angeles; New York He is also the Respondents' fact witness for oil production issues for the purposes of their quantum The Venezuelan PDVSA The government of Hugo Chvez (1999-2013) tried to recover PDVSA in a process of confronting the coup attempts carried out, for example, with the oil strike in 2003. 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. If Maduro stays in power, the Venezuelan economy will continue its meltdown, and markets will not get any credible promise of payments. I then provide an overview of the relevant New York choice-of-law rules. 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. 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. In October 2018, Maduro decreed that the following individuals would comprise the board of PDVSA: Manuel Salvador Quevedo Fernndez; Miguel Jos Quintana Castro; Rodolfo Enrique Jimnez Jimnez; Jos Alejandro Rojas Reyes; Nemrod Antonio Contreras Mejas; Marcos Alejandro Rojas Marchena; Fernando Manuel de Quintal Rodrguez; Yurbis PDVSA continues to invest in its production facilities with the intention of increasing production in a few years' time. the members of its board of directors, are as follows: Ali Rodriguez Araque: Designated PDVSA President in April 2002, Rodriguez has a Citgo has lost hundreds of million dollars over six of the last eight quarters amid pandemic-related demand declines and storm shutdowns. PDV Holding | Who We Are The President of Venezuela has the power to appoint the board of directors of PDVSA. 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. This was the result of increased exploration activity and the addition of 26 billion barrels from the Orinoco oil belt. As President of PDV Holding, Inc., Samuel Wilhelm is an experienced global oil and gas business Exeario Boscn. Chief Executive Carlos Jorda was replaced at the boards of Citgo Petroleum and parent company Citgo Holding. 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 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. WebThe Chancery Court denied the Maduro directors claims and ruled that under the political question doctrine and act of state doctrine, U.S. courts must accept as binding the U.S. Presidents recognition of the Guaid government and assume the validity of the Guaid governments appointments to the PDVSA Board. TheLatin America Advisor features Q&A with leaders in politics, economics, and finance every business day. 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The district courts analysis of this issue has attracted support from some commentators and criticism from others. Hernandez Bolvar will fill the seat vacated on that board by Luisa Palacios in October. Treasury sanctions on PDVSA caused a great deal of disruption, which pushed Nynas to the brink of bankruptcy. Narrows PdVSA-Related General License and Authorizes STANDS4 LLC, 2023. Discover People Learning Jobs Join now Sign in Project Director jobs 99,252 open jobs Venezuela's move toward controlling its oil industry took a significant step in 1943, when the new hydrocarbon law integrated all oil legislation. This opinion or order relates to an opinion or order originally issued on March 18, 2021. Jimnez v. Palacios, C.A. No. 2019-0490-KSJM | Casetext Search 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%. The Jumi Application is Unpublished or Removed, International Alcoholic Beverages Expo, Guizhou, CHINA. Jorda and Rincon remain in their executive roles, a Citgo spokeswoman said. the validity of a security.. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The National Assembly of Venezuela refused to support the exchange. Source: International Directory of Company Histories, Vol. PDVSA also owns minority stakes in two refineries in Sweden, and one in Belgium. Citgo operating chief Edgar Rincon also stepped down from the board of Citgo Holding, according to a statement by the Guaido-led assembly. 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. These rules matter. 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. 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. PDVSA operates under broad 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. Tuesday's shakeup introduced five new appointees tied to different opposition parties, some of them the sons of former PDVSA executives. The exchange was also approved by the companys sole shareholder and by the boards of the PDVSAs subsidiaries with oversight and control of CITGO. Suscrbete a nuestro boletin de noticias. The one about Nicolas Maduro cracking down on Tareck el Aissami's corruption. IN THE SUPREME COURT OF THE STATE OF DELAWARE Ronald Pantin All rights reserved. As with previous OFAC designations, U.S. sanctions need not be permanent and are intended to change behavior. Webad-hoc board of directors of the state-owned oil company Petrleos de Venezuela, S.A. (PDVSA). 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. 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. How come it no longer appoints representatives to Nynas' Board? In 2016, Venezuelas state-owned oil company, Petrleos de Venezuela, S.A. (PDVSA) approved a bond exchange whereby holders of notes with principal due in 2017 (the 2017 Notes) could exchange them for notes with principal due in 2020 (the 2020 Notes). Section 5-1401 states that it shall not apply to any contract to the extent provided to the contrary in . On August 29, 1975, the Organic Law Reserving to the State the Industry and Commerce of Hydrocarbons was enacted, allowing the government to take full control of the oil industry on January 1, 1976. Editing by Marguerita Choy, Oil prices drop as US rate hike fears, weak China data offset supply cuts, KKR to invest $250 million more in India's Serentica Renewables, Japan's JERA sees more LNG going to Asia as domestic demand shrinks, Santos' sale of Papua New Guinea LNG stake to state-owned Kumul delayed to August, Indian cough syrup: mystery middleman may be new clue, Red flags galore: Fed officials cited SVB 31 times, Pentagon awards $7.8 billion F-35 contract to Lockheed Martin, Fed points finger at Trump-era rollback for SVB demise, Kotak Mahindra Bank beats expectations with 26% net profit rise in January-March quarter. 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. 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. 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. 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. 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. These decisions are made at regular or special meetings. Pequiven has two petrochemical complexes: Morn in Carabobo state and El Tablazo in Zulia state. The upgrading of PDVSA's refineries was two-thirds completed when it was halted in 1986 because of low oil prices. 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. All rights reserved. 2703, published in the Extraordinary Official Gazette of the Bolivarian Republic of Venezuela No.6284. 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. WebThe new members of the board of directors are: 1. PDVSA 13850, as amended, for operating in the oil sector of the Venezuelan economy. 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. But what is peculiar in this case is that the mandatory rule, if I understand correctly, is a multilateral choice of law rule. This field covers an area of approximately 42,000 square kilometers and is considered one of the most important untapped reserves of heavy oil in the world. governs . 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. . New PDVSA Board of Directors installed and sworn in The decisions of the shareholder meeting are binding, within the limits of its powers, on the company. Item - SEC.gov | HOME 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Its last reported accounts, as per website, are for 2020. 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. Privacy Policy. Horacio Medina, former executive of PDVSA 2. 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. The Inter-American Dialogue engages our network of global leaders to foster democratic governance, prosperity, and social equity in Latin America and the Caribbean. PDVSA operates under broad policy guidelines issued by the government. Additional reserves from the Orinoco oil belt have also contributed to the company's reserves. Concurrent with this action, OFAC is issuing a general license that authorizes certain transactions and activities that are ordinarily incident and necessary to the wind down of transactions involving Rosneft Trading S.A. As a result of todays action, all property and interests in property of Rosneft Trading S.A. and Didier Casimiro that are in the United States or in the possession or control of U.S. persons, and of any entities that are owned, directly or indirectly, 50 percent or more by the designated individual and entity, are blocked and must be reported to OFAC. Subsidiary Propernyn PDVSA bought 50% of CITGO from the Southland Corporation. It is PDVSA that has failed to honor our award by ignoring the judgment of the ICC tribunal and other local court orders. The industry leader for online information for tax, accounting and finance professionals. Exclusive news, data and analytics for financial market professionals, Reporting by Luc Cohen and Marianna Parraga Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. A fusion of tradition, modernity and surroundings. What about Nynsstiftelsen's 35%? 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. Copyright (c) 2022 Company-Histories.com. Oil reserves in Venezuela are the largest in the world and the state-owned PDVSA provides the government of Venezuela with substantial funding resources. Then congress chief Juan Guaido appointed new boards and won U.S. court recognition of their authority over the refining subsidiary. 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. It is evident that PDVSA is no longer involved in any meaningful way with Nynas, neither at the executive level nor as a crude provider. Some lawmakers have sought to require Citgo pay dividends to holding companies Citgo Holding and PDV Holding, according to people familiar with the matter. Is it growing more or less risky right now to hold Venezuelan debt? 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. 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. This term validity is not generally understood to refer solely to corporate formalities. at Transnational Litigation Blog in the weeks and months ahead. The fate of the 2020 Notesand the billions of dollars those notes representis now in the hands of the New York Court of Appeals. The Maduro governments inconsistent macroeconomic policies resulted in a significant GDP contraction and hyperinflation before any significant U.S. sanctions were in place, so the latest sanctions (including those on PDVSA) just complicate an already difficult outlook for Venezuelan debt holders. PDVSA - Wikipedia 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. 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. PDVSA As consumers, we often take for granted all the hard work that goes into building a great company. It also intends to increase its presence in the European down-stream sector through acquisitions. The Ceuta field produces 100,000 barrels per day and is expected to reach 200,000 barrels per day in 1993. Guaids newly appointed then directorsreconstituted the boards of directors of the nominal defendants in this action three Delaware entities Heifred Jhoselin Segovia Marrero, vice president of finance. WebCaracas.- 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 The man provided a raw material for the syrups, which are linked to the deaths of more than 70 children in Gambia. 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.

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