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. battle over Venezuelas oil PDVSA - Wikipedia The application of choice-of-law rules can turn a winning case into a losing case (and vice versa). . 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. read more. 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. WebPetrleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peeesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. On March 21, 2023, by decree No. 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. U.S.-based executives of Citgo may recognize the new board and cooperate in an effort to avoid a PDVSA-bond default. 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. 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. PDVSA - What does PDVSA stand for? The Free Dictionary 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. 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.
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