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A holding company, PDVSA, was established to coordinate, supervise, control, and plan the activities of its subsidiaries made up of the 14 former operating companies. Horacio Medina, former executive of PDVSA 2. 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. Skip to main content LinkedIn. 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 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. WebThe board of directors reports to an assembly constituted by the minister of energy and mines, who presides over it, and to those members of the Executive Cabinet designated by the president of the republic. Choice-of-law rules can be complex, confusing, and difficult to apply. 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. 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. As a result, he will struggle to pay the October 2020 PDVSA bond, increasing the risk of default on the Citgo-collateralized loan. The proportion of light and medium crude oil in Venezuela's export package declined between 1976 and 1984, with a complementary increase in the volume of heavy crude exports. 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. 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. Petrleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peeesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. After Guaid assumed office, his government appointed a new board of directors to governPetrleos de Venezuela, S.A. (PDVSA), Venezuelas state - owned oil company. PDVSA continues to invest in its production facilities with the intention of increasing production in a few years' time. The PDVSA board formally approved the exchange of notes in 2016. 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. Billions of dollars were riding on the answer. Treasury Targets Russian Oil Brokerage Firm for Supporting Illegitimate Maduro Regime, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Media Advisory: Sanctions-Related Travel by Senior Treasury Department Officials, Treasury, IRS Release Plan to Deliver Improved Service for Americans, Reduce Deficit by Hundreds of Billions, Remarks by Secretary of the Treasury Janet L. 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Yellen at the Sacramento Metropolitan Chamber of Commerces 51st Annual Capitol-to-Capitol Program As, Remarks by Under Secretary Brian Nelson at American Chamber of Commerce Austria Roundtable, Form 941, employer's quarterly federal tax return, Identifying information on the entity and individual designated today, READOUT: G7 Enforcement Coordination Mechanism Deputies Meeting, READOUT: Treasury Department Convenes Roundtable to Discuss the American Rescue Plans Historic Investments in Rental Assistance for AANHPI Communities, READOUT: Treasury Department Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. U.S.-based executives of Citgo may recognize the new board and cooperate in an effort to avoid a PDVSA-bond default. Some lawmakers have sought to require Citgo pay dividends to holding companies Citgo Holding and PDV Holding, according to people familiar with the matter. 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. 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. 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. 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: As a result, thousands of workers have abandoned their work for PDVSA, especially after PDVSA was put under military control. See here for a complete list of exchanges and delays. 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. U.S.-based executives of Citgo may recognize the new board and cooperate in an effort to avoid a PDVSA-bond default. Please for proper display of our website you should enable it or use another browser that supports it. 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. How come it no longer appoints representatives to Nynas' Board? 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.. 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. . 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. The district courts analysis of this issue has attracted support from some commentators and criticism from others. Our Standards: The Thomson Reuters Trust Principles. Copyright (c) 2022 Company-Histories.com. Privacy Policy. STANDS4 LLC, 2023. 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. 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. Current gas production is between 3.6 million and 3.8 million cubic feet of gas per day of which one-third is sold locally, about one-third reinjected into the reservoirs, 21% used by the oil industry and 5% flared. The man provided a raw material for the syrups, which are linked to the deaths of more than 70 children in Gambia. We don't have any way to get them. With the stakes in mind, let us now turn to the applicable choice-of-law rules. Gas reserves in the country are estimated at 93 trillion cubic feet of gas. In 1959 the national government decided to grant no further concessions, thus ending a system that dated back to the previous century. The Free Dictionary 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. Then congress Sign up for our free summaries and get the latest delivered directly to you. Chief Executive Carlos Jorda was replaced at the boards of Citgo Petroleum and parent company Citgo Holding. 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. 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. In his last presidential address, Caldera urged the new incumbent, Carlos Andrés Prez of Accin Democrtica, to nationalize the industry. This site is protected by reCAPTCHA and the Google. 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. Houston - December 15, 2020 - The Board of Directors of PDV Holding, Inc. (PDVH) and its subsidiaries welcomes the appointment of Horacio Francisco Medina 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. Identifying information on the entity and individual designated today. During 1989, PDVSA produced around 1.6 million barrels of oil and condensate per day. The fate of the 2020 Notesand the billions of dollars those notes representis now in the hands of the New York Court of Appeals. 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. Its last reported accounts, as per website, are for 2020. 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. 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. In 1987 PDVSA started exporting coal from western Venezuela through its subsidiary, Carbozulia. Get free summaries of new Eleventh Circuit US Court of Appeals opinions delivered to your inbox! As with previous OFAC designations, U.S. sanctions need not be permanent and are intended to change behavior. On October 31, 1989, PDVSA acquired 50% of Unocal's downstream assets in the midwestern United States. ENERGY ANALYTICS INSTITUTE (EAI) 1 July 2020 (Reuters, 1.Jul.2020) Venezuelas opposition-held National Assembly on Tuesday named three new members to In this post, I first review the facts of the case. 1155 15th StreetNW It also intends to increase its presence in the European down-stream sector through acquisitions. Citgo operating chief Edgar Rincon also stepped down from the board of Citgo Holding, according to a statement by the Guaido-led assembly. PDVSA's last representative was Oswaldo Perez (Vice President Finance atPDVSA). Tuesday's shakeup introduced five new appointees tied to different opposition parties, some of them the sons of former PDVSA executives. 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. I then provide an overview of the relevant New York choice-of-law rules. All of the above was,and continues to be, ignored by Swedish and American authorities. The industry leader for online information for tax, accounting and finance professionals. This opinion or order relates to an opinion or order originally issued on March 18, 2021. Prior to nationalization, only 33 exploratory wells had been drilled between 1971 and 1976, compared with 58 wells in 1976 and 225 in 1982. The new members of the board of directors are: 1. In 1876, a report submitted to the president of Zulia on the petroleum and asphalt deposits in the Maracaibo basin indicated the existence of an oil seep near Tarra, producing 5,760 gallons a day. 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. 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. Citgo's current administration has never been opposed to paying dividends to its shareholder, the company said in a statement. 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 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. 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. Its last reported accounts, as per website, are for 2020. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. 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. Alessandro Bazzoni reportedly behind United Petroleo: where does that leave Luis Giusti? The U.S. government will not roll back its sanctions as long as Nicols Maduro is in power. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. 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. 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. // Photo: @jguaido via Twitter. 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.) WebThe members of the Board of Directors of PDVSA are: President: Manuel Quevedo Fernndez Vicepresident of Production and Exploitation: Miguel Quintana Castro, substituting Nelson The products sold are petrol, aviation fuel, diesel fuel, lubricants, kerosene, and asphalt, with petrol accounting for almost half of total consumption. The estimated oil in situ is around two trillion barrels. 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. 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. The application of choice-of-law rules can turn a winning case into a losing case (and vice versa). "pdvsa." Webad-hoc board of directors of the state-owned oil company Petrleos de Venezuela, S.A. (PDVSA). These rules matter. The questions are: what happened to its 15%stake? https://www.definitions.net/definition/pdvsa. 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. The nationalization of the industry required the creation of a functional structure that would allow normal operation to continue within the new legal scheme. . Nicolas Maduro sold Nynas to mistery buyer? He is also the Respondents' fact witness for oil production issues for the purposes of their quantum 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. Treasury sanctions on PDVSA caused a great deal of disruption, which pushed Nynas to the brink of bankruptcy. It does not deal with the process of entering into contracts for the transfer of securities or regulate the rights and duties of those involved in the contracting process (emphasis added). All rights reserved. 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. What do the election results mean for President Nicols Maduro and his grip on the presidency? In August 2019, Rosneft Trading S.A. negotiated a shipment of two million barrels of Venezuelan crude oil with PdVSA and was able to find a vessel willing to transport the cargo despite difficulties that came with doing business in Venezuela. The opposition has moved to appoint a new board of directors for Citgo. On the other hand, the term validity may be interpreted to refer only to the corporate law of Venezuela. All of this suggests that the applicable choice-of-law rule may not be the one laid down in Section 5-1401. 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. Discover People Learning Jobs Join now Sign in Project Director jobs 99,252 open jobs On the one hand, the term may be interpreted broadly to refer to both the corporate law of Venezuela and to Venezuelan law more broadly. read more. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Web. 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. PDVSA operates under broad Nynasgot rid of information of its Board of Directors altogether from its website. 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). "Citgo continues working to improve profitability, control expenses and reduce costs in order to make the company an even better financial partner to our stakeholders and enable us to pay dividends to our shareholder as soon as we are financially and legally able to do so," the statement added. 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. Creditors holding roughly $2.8 billion in 2017 Notes decided to participate and exchanged their notes for 2020 Notes. 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. 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. 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. The risk remains high as long as there are two parallel governments. While Maduros stepping down could expedite the investors path to recovery, it is uncertain if a new government in Venezuela would have debt servicing as a priority, especially if it is in need of massive amounts of capital. Morn manufactures fertilizers as well as several chemicals for the domestic market. All rights reserved. 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. 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. 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. 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. 4.789, published in Official Gazette No. The one about Nicolas Maduro cracking down on Tareck el Aissami's corruption. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. Subsidiary Propernyn PDVSA bought 50% of CITGO from the Southland Corporation. Javier Linares, member of the board of directors of a subsidiary of the company [This post is cross-posted at Transnational Litigation Blog.]. . 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. Just days later, trading of bonds slowed down after the U.S. Treasury Department clarified its new sanctions included Venezuelan government-issued bonds. 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. Michelle DiGruttolo, senior managing director at Ankura, and Jay Squiers, managing director in the firms energy restructuring office:The latest sanctions will ensure that trading on both Venezuelan government-issued bonds and PDVSA bonds remains at a virtual standstill. See here for a complete list of exchanges and delays. The case of Nynas qualifies as one of the most brazen corporate raids seen in Venezuelan owned assets. The attempt is yet another effort paid by corrupt thugs to eraseinformation about their criminal 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. 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. Is it growing more or less risky right now to hold Venezuelan debt? Since the trend toward heavy oil has been reversed with the discoveries of light oil in Monagas and Apure, PDVSA has continued to concentrate its exploration efforts on finding light and medium oil, and between 1988 and 1993 has planned to drill 112 exploration wells to add a possible 9.4 billion barrels of reserves to the existing 58 billion barrels. 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. 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. Phone: +58(212)7084021 Fax: +58(212)7084460. A lot. The Inter-American Dialogue engages our network of global leaders to foster democratic governance, prosperity, and social equity in Latin America and the Caribbean. If the notes were not validly issued, they are not binding on PDVSA, and the CITGO assets may not be seized by the noteholders in the event of default. governs . 2703, published in the Extraordinary Official Gazette of the Bolivarian Republic of Venezuela No.6284. 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. WebThe new members of the board of directors are: 1. Petrleos de Venezuela S.A. (PDVSA) is wholly owned by the Venezuelan state and is the holding company for the national petroleum industry. For tax purposes, PDVSA is treated by the Venezuelan government like any other business entity. The court began its analysis by observing that the strongest argument in support of a broad interpretation is based on plain language. It is understood to encompass the many reasons why a contract may not be enforceable as a matter of contract law. The United States is determined to prevent the looting of Venezuelas oil assets by the corrupt Maduro regime.. The original 14 operating subsidiaries were integrated in 1977 into four major companies, Lagoven, Maraven, Meneven and Corpoven. All quotes delayed a minimum of 15 minutes. Genesis Sabrina Ron Solano, vice 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). But the United States Department of State has concluded that Maduro is not Venezuelas legitimate political leader. 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. Following the Bolivarian Revolution, PDVSA was mainly used as a political tool of the government.

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