pdvsa board of directors

The U.S. government will not roll back its sanctions as long as Nicols Maduro is in power. The estimated oil in situ is around two trillion barrels. The United States is determined to prevent the looting of Venezuelas oil assets by the corrupt Maduro regime.. The products sold are petrol, aviation fuel, diesel fuel, lubricants, kerosene, and asphalt, with petrol accounting for almost half of total consumption. IsNynsstiftelsen's stake tied to 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. Discover People Learning Jobs Join now Sign in Project Director jobs 99,252 open jobs 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. As a result, the regulations issued by OFAC have nearly paralyzed trading of Venezuelan bonds. 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. 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. The first oil company incorporated in the country was the Compaia Nacional Minera Petrlia del Tchira, formed on October 12, 1878. 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. How come it no longer appoints representatives to Nynas' Board? WebCORPORATE GOVERNANCE PEDRO RAFAEL TELLECHEA RUIZ. It also sought a declaration that the creditors were prohibited from executing on the CITGO collateral. 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. 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. Este giro en el comportamiento de la actividad econmica fue promovido por un 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. U.S.-based executives of Citgo may recognize the new board and cooperate in an effort to avoid a PDVSA-bond default. The Inter-American Dialogue engages our network of global leaders to foster democratic governance, prosperity, and social equity in Latin America and the Caribbean. 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. See here for a complete list of exchanges and delays. 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. 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. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. Chief Executive Carlos Jorda was replaced at the boards of Citgo Petroleum and parent company Citgo Holding. The case of Nynas qualifies as one of the most brazen corporate raids seen in Venezuelan owned assets. Section 5-1401 states that it shall not apply to any contract to the extent provided to the contrary in . Irrespective of who triumphs, we anticipate a lengthy restructuring battle with all parties taking a haircut., Javier Coronado, associate attorney at Diaz, Reus & Targ:Based on the notion that international pressure would soon lead to a new government with which creditors could negotiate payment, investors were seeing Venezuelan bonds as a good deal. 4. 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 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 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. PDVSA products from the installations of the Isla refinery have been confiscated. The lack of any such cases cut against giving the term a broad interpretation. Oil company from Venezuela. Exeario Boscn is a 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. 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. P: +1-202-822-9002 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.) The company pays royalties, and income taxes are based on the export values of the oil and products sold. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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 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. As with previous OFAC designations, U.S. sanctions need not be permanent and are intended to change behavior. In September 2019, PdVSA supplied a shipment of one million barrels of Merey-16 to Rosneft Trading S.A., which was loaded on a vessel in Venezuela and destined for Asia. 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. Chinas Foreign Exchange Regulations and Illegality in Private International Conference & call for papers Sustaining Access to Justice, Relevance of Indian Limitation Law vis--vis Foreign-seated International Arbitration With Indian Law As The Applicable Substantive Law. His partner Betancourt, is part of several ongoing criminal probes. Horacio Medina, former executive of PDVSA 2. WebPetrleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peeesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. You already receive all suggested Justia Opinion Summary Newsletters. 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.. Venezuela's move toward controlling its oil industry took a significant step in 1943, when the new hydrocarbon law integrated all oil legislation. Webad-hoc board of directors of the state-owned oil company Petrleos de Venezuela, S.A. (PDVSA). On October 31, 1989, PDVSA acquired 50% of Unocal's downstream assets in the midwestern United States. St. James Press, 1991. It has activities WebPDVSA is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms PDVSA - What does PDVSA stand for? Source: International Directory of Company Histories, Vol. Our Standards: The Thomson Reuters Trust Principles. HECTOR ANDRS OBREGN PEREZVICE PRESIDENTEXECUTIVE, LUIS ENRIQUE MOLINA DUQUE VICE PRESIDENT OF EXPLORATION & PRODUCTION, LEYLI BEATRIZ FERRER AVENDAOVICE PRESIDENT OFPLANNING AND ENGINEERING, HEIFRED JHOSELIN SEGOVIA MARRERO VICE PRESIDENT OF FINANCE, GNESIS SABRINA RON SOLANOVICE PRESIDENT OF INTERNATIONAL COMMERCE AND SUPPLY, JUAN CARLOS DAZ SOCORROVICE PRESIDENT OF COMMERCE AND SUPPLY, GUSTAVO ADOLFO BOADAS DAZ VICE PRESIDENTOF REFINING, JUAN VICENTE SANTANA MIGLIACIN VICE PRESIDENT OF GAS, RONNY RAFAEL ROMERO RODRGUEZVICE PRESIDENT OF INTERNATIONAL AFFAIRS, YURBIS GMEZ EXTERNAL DIRECTOR RICARDO LEN EXTERNAL DIRECTOR SIMN ZERPA DELGADO EXTERNAL DIRECTOR WILLS RANGEL EXTERNAL DIRECTOR RICARDO MENNDEZ PRIETO EXTERNAL DIRECTOR. The application of choice-of-law rules can turn a winning case into a losing case (and vice versa). These are critical initial steps for the Guaid administration to restore credibility.. 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. It sought a declaration that the entire bond transaction is void and unenforceable because it was never approved by the National Assembly. 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. 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. Suscrbete a nuestro boletin de noticias. 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. 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: 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. 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. 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 2020 Notes contain New York choice-of-law clauses. 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. 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. Following the Bolivarian Revolution, PDVSA was mainly used as a political tool of the government. 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. 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. Morn manufactures fertilizers as well as several chemicals for the domestic market. The President of Venezuela has the power to appoint the board of directors of PDVSA. 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. Inter-American Dialogue A further fundamental step toward achieving full control of the country's oil wealth was taken in April 1960 when the Corporacin Venezolana de Petroleo (CVP), a national oil company, was established to enable the country to acquire greater experience in all areas of the oil industry. With further upgrading and conversion facilities, the refineries were able to use a higher proportion of heavier crudes, which represented the major volume of reserves in the country. In 2019, the United States recognized Venezuelas Interim President Juan Guaid as the lawful head of state. . The industry leader for online information for tax, accounting and finance professionals. Petrleos de Venezuela, S.A. (PDVSA), is a national company strongly committed to the Venezuelan people. This term validity is not generally understood to refer solely to corporate formalities. On July 9, the Incumbent Directorsthe current directors of the CITGO Entities appointed through Guaids PDVSA Managing Board filed an Answer and Counterclaim for a declaration that they compose the rightful boards of the CITGO Entities. 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 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. Citgo has lost hundreds of million dollars over six of the last eight quarters amid pandemic-related demand declines and storm shutdowns. 4.789, published in Official Gazette No. Subsidiary Propernyn PDVSA bought 50% of CITGO from the Southland Corporation. Further, the court wrote that the district court would not have jurisdiction to conduct the requested inquiry on remand. U.S.-based executives of Citgo may recognize the new board and cooperate in an effort to avoid a PDVSA-bond default. The new company would also receive technical assistance in exploring and refining from the former operating companies, which would be paid at a rate which varied between 16 and 30 per barrel. 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 Additional reserves from the Orinoco oil belt have also contributed to the company's reserves. On March 21, 2023, by decree No. Through its ownership of CITGO Petroleum Corporation, PDVSA also owns refineries at Lake Charles, Louisiana, and refineries at Corpus Christi, Texas. 1155 15th StreetNW Identifying information on the entity and individual designated today. 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. Further steps toward nationalization were taken through a series of laws covering the natural gas industry, the domestic petroleum products market, and the merchant marine. 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. Davidson Kempner entered the fray, acquiring banks' debt and Bitumina's 49% at a massive discount, becomingNynas's largest shareholder in the process. 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. All of the above was,and continues to be, ignored by Swedish and American authorities. WebBoard of Directors Samuel Wilhelm Belloso. Five years later, in 1948, the Venezuelan congress passed a new income tax law, establishing the so-called 50-50 system that would become a landmark in relations between the international oil companies and the governments of the various oil-producing countries. Alessandro Bazzoni reportedly behind United Petroleo: where does that leave Luis Giusti? 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. Olmeta was vice president of Citgo and Luis Urdaneta was a vice president of PDVSA in the 1990s, while Rincon is a specialist in financial evaluation and commercial negotiation. PDVSA operates under broad 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. Treasury sanctions forced PDVSA to shed 35% of the 50%+ it had into a nondescript vehicle (Nynsstiftelsenor NyColleagues AB), controlled by Nynas' management. The opposition has moved to appoint a new board of directors for Citgo. the members of its board of directors, are as follows: Ali Rodriguez Araque: Designated PDVSA President in April 2002, Rodriguez has a 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. 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. Citgo operating chief Edgar Rincon also stepped down from the board of Citgo Holding, according to a statement by the Guaido-led assembly. The Inter-American Dialogue hosted a private roundtable event featuring Ricardo Luna, the Peruvian Minister of Foreign Relations. 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. 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. 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. The risk remains high as long as there are two parallel governments. A succession of grants followed during tne 19th century, and the systematic exploitation of the country's large hydrocarbon reserves started during the 27-year dictatorship of General Juan Vicente Gmez, which lasted from 1908 to 1935. 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. https://conflictoflaws.net/News/2020/08/CoL_Banner-1.png, The Billion-Dollar Choice-of-Law Question, PhD/Research Assistant Position at the University of Cologne. The district court cannot question the validity of then-President Guaids appointment of an alternative board of directors. The district courts analysis of this issue has attracted support from some commentators and criticism from others. The attempt is yet another effort paid by corrupt thugs to eraseinformation about their criminal activities. 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. 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%. Hernandez Bolvar will fill the seat vacated on that board by Luisa Palacios in October. . Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In so doing, the court commented on the issues importance to the States choice-of-law regime and status as a commercial center. It also noted the importance of the choice-of-law issue to the ultimate outcome in the case: If the court concludes New York choice-of-law principles require the application of New York law on the issue of the validity of the 2020 Notes, and that Article 150 and the resolutions have no effect on the validity of the contract under New York law, then we would affirm the district courts decision to apply New York law and uphold the validity of the bonds. One thing that is missing from the choice of law analysis is that the reference to Article 150 of Venezuelan law is not just a regular provision, but rather a Constitutional norm-mandate requiring the State to seek Assembly approval when dealing with foreign States, state-owned entities or companies not domiciled in the country. 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. features Q&A with leaders in politics, economics, and finance every business day. In the meantime, please feel free to mention this case the next time a student or a colleague questions the importance of choice-of-law rules. Infodio.comhas no issues with other websites / journalists using / posting information published here, so long as the source is properly cited. 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. Javascript is not enabled on your browser. 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. 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. Then congress Note added28/06/2021: impostors are using this site's former editor's full name, and a fake email addresses (alek.boyd.arregui@gmail.com)to send copyright infringement claims / take down requests to web hosting companies (exhibit Hostgator). 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. He is also the Respondents' fact witness for oil production issues for the purposes of their quantum https://www.definitions.net/definition/pdvsa. 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. Just days later, trading of bonds slowed down after the U.S. Treasury Department clarified its new sanctions included Venezuelan government-issued bonds. Pequiven has two petrochemical complexes: Morn in Carabobo state and El Tablazo in Zulia state. 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. Major switching from oil to gas is not envisaged until 1992, after completion of the Nurgas pipeline from Anozategui to the West. As consumers, we often take for granted all the hard work that goes into building a great company. 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 treated heavy oil is known as orimulsion, with recoverable reserves estimated at 267 billion barrels, equivalent on a calorific basis to all of South Africa's coal reserves and to all of the United States's crude reserves.

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