Chief Executive Carlos Jorda was replaced at the boards of Citgo Petroleum and parent company Citgo Holding. 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 Eleventh Circuit affirmed the district courts ruling denying intervenors motion to reopen and You're all set! The changes were first made by an ad-hoc board of directors for PDVSA, and later authorized by the National Assembly. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. The district court cannot question the validity of then-President Guaids appointment of an alternative board of directors. Webpdvsa | 2,571 followers on LinkedIn. . 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. 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. 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 pdvsa | LinkedIn The decisions of the shareholder meeting are binding, within the limits of its powers, on the company. features Q&A with leaders in politics, economics, and finance every business day. 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. Citgo has lost hundreds of million dollars over six of the last eight quarters amid pandemic-related demand declines and storm shutdowns. Frontera Energy Corporation Executive Director PDVSA PDVSA Factions within the National Assembly have been fighting for influence at Citgo since last year. 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. The United States is determined to prevent the looting of Venezuelas oil assets by the corrupt Maduro regime.. 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. 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. . 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. Privacy Policy. WebSearch By Name. 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. WebPDVSA SERVICES | 10,410 followers on LinkedIn. 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. 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). Web. 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. This opinion or order relates to an opinion or order originally issued on March 18, 2021. Through its ownership of CITGO Petroleum Corporation, PDVSA also owns refineries at Lake Charles, Louisiana, and refineries at Corpus Christi, Texas. I then provide an overview of the relevant New York choice-of-law rules. 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. PDVSA Careers and Employment | Indeed.com PDVSA also owns minority stakes in two refineries in Sweden, and one in Belgium. The company pays royalties, and income taxes are based on the export values of the oil and products sold. PEDRO RAFAEL TELLECHEA RUIZ PEOPLES MINISTER OF PETROLEUM. 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. The opposition has moved to appoint a new board of directors for Citgo. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. All rights reserved. Its last reported accounts, as per website, are for 2020. We don't have any way to get them. Citgo operating chief Edgar Rincon also stepped down from the board of Citgo Holding, according to a statement by the Guaido-led assembly. These legislative objections notwithstanding, PDVSA followed through with the exchange. Guaido would also appoint Angel Olmeta, Luis Urdaneta and Edgar Rincon to Citgos board of directors, sources said. Jimnez v. Palacios, C.A. No. 2019-0490-KSJM | Casetext Search 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. 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. 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. 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.) It is PDVSA that has failed to honor our award by ignoring the judgment of the ICC tribunal and other local court orders. Nicolas Maduro sold Nynas to mistery buyer? PDVSA PDV Holding | News All of this suggests that the applicable choice-of-law rule may not be the one laid down in Section 5-1401. 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). 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. 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. The risk remains high as long as there are two parallel governments. The Free Dictionary 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. The exchange was also approved by the companys sole shareholder and by the boards of the PDVSAs subsidiaries with oversight and control of CITGO. 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. 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. Some lawmakers have sought to require Citgo pay dividends to holding companies Citgo Holding and PDV Holding, according to people familiar with the matter. New PDVSA Board of Directors installed and sworn in Gas reserves in the country are estimated at 93 trillion cubic feet of gas. All of the above was,and continues to be, ignored by Swedish and American authorities. PDVSA's last representative was Oswaldo Perez (Vice President Finance at PDVSA). The entitys board was appointed by Nicols Maduro, who claims to be the president of Venezuela. WebBoard of Directors Samuel Wilhelm Belloso. 1 May 2023. 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. All rights reserved. A Maduro exit would create uncertainty until the new government decides which bond issuances and other obligations they will honor. In 1959 the national government decided to grant no further concessions, thus ending a system that dated back to the previous century. These discoveries have added between 10 and 12 billion barrels of light and medium grade crude oil to a reserve base which was disproportionately biased towards heavier oils. The industry leader for online information for tax, accounting and finance professionals. Genesis Sabrina Ron Solano, vice PDVSA Board of Directors PDVSA Board of Directors How come it no longer appoints representatives to Nynas' Board? 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. 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. On the other hand, the term validity may be interpreted to refer only to the corporate law of Venezuela. 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. 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. Delaware Court of Chancery Suscrbete a nuestro boletin de noticias. Major switching from oil to gas is not envisaged until 1992, after completion of the Nurgas pipeline from Anozategui to the West. It has the same powers and responsibilities as the Board of Directors, under Board of Directors resolution No. Section 5-1401 states that it shall not apply to any contract to the extent provided to the contrary in . 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 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. 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 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. 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. Appointment of PDVSAs Board of Directors - InterJuris 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. 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. As President of PDV Holding, Inc., Samuel Wilhelm is an experienced global oil and gas business Exeario Boscn. 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 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.