The key figures in PDVSA, i.e. 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 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. 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. 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. 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. Separate from todays action, OFAC previously identified Rosneft Oil Company as operating in the energy sector of the Russian Federation pursuant to Ukraine-/Russia-related Executive Order 13662, and both Rosneft Oil Company and Rosneft Trading S.A. were already subject to certain restrictions under Ukraine-/Russia-related Directives 2 and 4. 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. The court affirmed because the district court could not grant the motion without addressing a nonjusticiable political question. 2703, published in the Extraordinary Official Gazette of the Bolivarian Republic of Venezuela No.6284. The prices of Venezuelan government bonds rallied after National Assembly President Juan Guaid declared himself the countrys legitimate president and won official recognition from numerous countries, including the United States. 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. Subsidiary Propernyn PDVSA bought 50% of CITGO from the Southland Corporation. Guaid has already presented some ideas about his economic stabilization plan, which proposed anchoring the bolvar currency with respect to the U.S. dollar. Major switching from oil to gas is not envisaged until 1992, after completion of the Nurgas pipeline from Anozategui to the West. Brussels; Chicago; Denver; Doha; Indianapolis; London; Los Angeles; New York Washington, DC 20005 Houston - December 15, 2020 - The Board of Directors of PDV Holding, Inc. (PDVH) and its subsidiaries welcomes the appointment of Horacio Francisco Medina CVP was to operate in competition with foreign concessionaires in the country and was to be the official instrument of the country's petroleum policy. All rights reserved. As a result, in 1971 the Hydrocarbons Reversion Law was enacted, aimed at ensuring the continuity and efficiency of the country's oil activities after the concessions expired in 1983. The United States is determined to prevent the looting of Venezuelas oil assets by the corrupt Maduro regime.. On February 29, 2020, according to decrees No. The court began its analysis by observing that the strongest argument in support of a broad interpretation is based on plain language. In the fall of 2019, PdVSA planned oil shipments with Rosneft Trading S.A. involving 55 million barrels of crude oil liftings from September to December 2019. It held that the 2020 Notes were valid and enforceable and that the defendant trustee was entitled to judgment in the amount of $1.68 billion. New PDVSA Board of Directors installed and sworn in PDVSA.COM / Tuesday, 10 January 2023 COMPARTIR: ACCESOS RPIDOS Subsidiaries PDVSA Radio Revista 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. 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. If New York law applies, then the notes will almost certainly be deemed valid and the noteholders can seize the pledged collateral. The Republic shall be represented by the Peoples Power Minister of Petroleum and other ministers that the President of the Bolivarian Republic of Venezuela may appoint. Inter-American Dialogue 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. Thousands of Venezuelans took to the streets across the country on Feb. 12 calling for international humanitarian aid to be allowed entry. 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. The major foreign oil companies were attracted to the country because of the expectation of large oil deposits, the country's relative political stability compared to the rest of Latin America at the time, and the favorable terms offered for the exploration of the country's oil resources. 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. However, under the amendments that the U.S. Office of Foreign Assets Control (OFAC) made to its regulations on Feb. 1, first, U.S. persons can no longer purchase any additional bonds; second, current bondholders can transfer such bonds to non-U.S. persons only; and third, U.S. financial institutions involved in a transfer or divestment of Venezuelan bonds must review all information that is or should be in their possession to confirm that such bonds are not being transferred to U.S. persons. The most important domestic refineries in terms of capacity are Amuay with 630,000 barrels per day and Cardn with 350,000 barrels per day. How come it no longer appoints representatives to Nynas' Board? 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. After Guaid assumed office, his government appointed a new board of directors to governPetrleos de Venezuela, S.A. (PDVSA), Venezuelas state - owned oil company. The rest was owned by Finland's Neste group. 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.. 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. The application of choice-of-law rules can turn a winning case into a losing case (and vice versa). It is understood to encompass the many reasons why a contract may not be enforceable as a matter of contract law. Websubsidiaries of PDVSA: PDV Holding, CITGO Holding, and CITGO Petroleum (the CITGO Entities). The questions are: what happened to its 15%stake? The first oil company incorporated in the country was the Compaia Nacional Minera Petrlia del Tchira, formed on October 12, 1878. WebPetrleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peeesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. In 1959 the national government decided to grant no further concessions, thus ending a system that dated back to the previous century. 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. There is, however, another New York choice-of-law rule that may trump Section 5-1401. This site is protected by reCAPTCHA and the Google. It also intends to increase its presence in the European down-stream sector through acquisitions. Before Trump administrations' sanctions, PDVSA was Nynas'majority shareholder with a stake of over 50%. Principal Subsidiaries: Corpoven; Maraven; Lagoven; Interven; Refineria Isla (Curaç); PDV (U.S.A.); PDV (Europe) (U.K.); Intevep; Bariven; Pequiven; Palmaven; Carbozulia. 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. See here for a complete list of exchanges and delays. the members of its board of directors, are as follows: Ali Rodriguez Araque: Designated PDVSA President in April 2002, Rodriguez has a The decisions of the shareholder meeting are binding, within the limits of its powers, on the company. The opposition has moved to appoint a new board of directors for Citgo. 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. 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. Jorda and Rincon remain in their executive roles, a Citgo spokeswoman said. Orimulsion is a rival product to coal and according to PDVSA is not intended to compete with heavy fuel oil. Alessandro Bazzoni reportedly behind United Petroleo: where does that leave Luis Giusti? In 1987 PDVSA started exporting coal from western Venezuela through its subsidiary, Carbozulia. Nynas got rid of information of its Board of Directors altogether from its website. During 1989, PDVSA produced around 1.6 million barrels of oil and condensate per day. 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. 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. Petrleos de Venezuela S.A. (PDVSA) is wholly owned by the Venezuelan state and is the holding company for the national petroleum industry. We see them around but we don't know what goes on behind the scenes. Source: International Directory of Company Histories, Vol. 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. These legislative objections notwithstanding, PDVSA followed through with the exchange. 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. All of the above was,and continues to be, ignored by Swedish and American authorities. Morn manufactures fertilizers as well as several chemicals for the domestic market. 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. 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. This opinion or order relates to an opinion or order originally issued on March 18, 2021. Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter. But what is peculiar in this case is that the mandatory rule, if I understand correctly, is a multilateral choice of law rule. In addition, the law established that companies would have to deposit 10% of their assets with the government to ensure that all such assets would be properly maintained by the companies until complete reversion took place. 4.139, published in the Extraordinary Official Gazette; 6,512, the president of the Bolivarian Republic of Venezuela, Nicols Maduro, appointed four new vice-presidents in the core areas of Petrleos de Venezuela, S.A. (PDVSA), as well as the new president of the Venezuelan Petroleum Corporation (CVP), a subsidiary that manages PDVSA's interests in joint exploration and production companies with national and foreign private oil companies. The numerical value of pdvsa in Chaldean Numerology is: 4, The numerical value of pdvsa in Pythagorean Numerology is: 8. 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: The Executive Committee is the administrative body of governance immediately below the Board of Directors of PDVSA. The risk remains high as long as there are two parallel governments. In a lengthy decision decided on October 16, 2020, the U.S. District Court for the Southern District of New York (Judge Katherine Polk Failla) concluded that the term validity should be given a narrow interpretation and that New York contract law governed the issue of validity. What would happen to Venezuelas defaulted bonds if President Nicols Maduro steps down, and what would happen to them if he remains in power? 4. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. . 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. 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. 9-13/09/2014. The case of Nynas qualifies as one of the most brazen corporate raids seen in Venezuelan owned assets. We are leaving to the Expo in CHINA, so it's time to pack the bags to bring a little bit of La Rioja and our house on the other side of the world. 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). This term validity is not generally understood to refer solely to corporate formalities. 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. Following the Bolivarian Revolution, PDVSA was mainly used as a political tool of the government. 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. 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. Under this narrower interpretation, it is irrelevant whether the National Assembly approved the 2020 Bonds because all of the corporate formalities needed to validly issue a securityapproval by the board of directors, approval by the shareholders, etc.appear to have been followed. PEDRO RAFAEL TELLECHEA RUIZ PEOPLES MINISTER OF PETROLEUM. PDVSA's last representative was Oswaldo Perez (Vice President Finance atPDVSA). governs . . P: +1-202-822-9002 The National Assembly statement did not provide a reason for the moves, which come after several previous management changes at the 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 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. 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. 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. 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 this post, I first review the facts of the case. In 2019, the United States recognized Venezuelas Interim President Juan Guaid as the lawful head of state. The El Tablazo plant produces olefins, caustic soda, and chlorine, which are sold to other nearby industries.
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