Conoco said the claim it is investigating does not "seek to prevent a sale of Citgo or its assets for reasonable value, but to prevent the parties to the Citgo transaction from structuring the transaction to allow Citgo and its related companies to expatriate the proceeds."
PDVSA was not immediately available to comment.
Bankers representing PDVSA have set a date of late December for prospective buyers to submit revised offers for Citgo Petroleum Corp despite the country's finance minister ruling out the U.S. refineries sale, according to sources.
A sale of the U.S. refineries would eliminate the possibility of them being seized should a court considering such claims rule against Venezuela.
According to a July 2014 Citgo bond offering, the book value of Citgo assets was $8.1 billion at the end of 2013, according to ConocoPhillips' petition, filed on Monday in a Harris County District Court.
Nov 26 (Reuters) - Venezuela's state-run oil company PDVSA is using the sale of its Citgo Petroleum Corp refining assets to hinder the ability of ConocoPhillips to collect an expected arbitration award, the U.S. oil company said in a Texas court filing.
Evidence indicates PDVSA is liquidating its Citgo interests "to remove the proceeds from the United States to Venezuela or elsewhere with the specific intent to hinder, delay or defraud its creditors," Conoco said on Monday in a petition for court approval to investigate that claim.
Conoco's oil projects in Venezuela were nationalized by the government of president Hugo Chavez in 2007. At the end of that year U.S. firms Exxon Mobil Corp and Conoco introduced arbitration claims at several international courts.
from el universal:
^^^A cut of more than USD 4 billion in its transfers to government welfare programs and the sale for USD 12 billion of a portion of Pdvsa's stocks in a Venezuelan gold company to the central bank gave the oil company a hike in overall income and profits.^
from el universal:
^^A cut of more than USD 4 billion in its transfers to government welfare programs and the sale for USD 12 billion of a portion of Pdvsa's stocks in a Venezuelan gold company to the central bank gave the oil company a hike in overall income and profits.^^
This is incorrect. The clock starts as of the MERIT hearing NOT the post hearing briefs.
"Both parties last filed post-hearing briefs on December 23, 2013. It is typical for tribunals in this type of arbitration to require six to eighteen months (the historical average is approximately 1.2 years) to finalize and issue a decision. "
Colombia plans pipeline to the Pacific without Pdvsa's help
The laying of the oil pipeline was outlined eight years ago
Ecopetrol has contacted Enbridge to lay the pipeline (File photo)
ERNESTO J. TOVAR | EL UNIVERSAL
Monday March 10, 2014 10:15 AM
Venezuela and Colombia dusted off a project to build an oil pipeline from Venezuela through Colombia to the coast of the Pacific Ocean. From there the hydrocarbons produced in the two countries would be bound for Asia, mainly to China, from 2016.
However, it seems that the pipeline estimated by state-run oil holding Petróleos de Venezuela (Pdvsa) at USD 6.7 billion a couple of years ago will be built by Colombian state-run oil company Ecopetrol, not with Pdvsa, but with Canadian Enbridge in Colombian territory only, in light of Pdvsa's delay.
Colombian Vice-Minister of Energy Orlando Cabrales told Reuters that Ecopetrol would discuss again with Pdvsa the eight-year-old project. In the meantime, Ecopetrol has contacted Enbridge to lay an 800-km pipeline from Colombian central plains to the Pacific coast.
The infrastructure would be run by Ecopetrol. However some other firms, such as Canadian Pacific Rubiales and Vitol trading company are interested in having a stake, Capriles said.
In November 2011, Presidents Juan Manuel Santos and Hugo Chávez entered into a letter of intent to develop the "Binational project for the oil pipeline of Venezuela and Colombia." It referred to a pipeline of 3,000 kilometers in length from Orinoco Oil Belt to Tumaco bridge, on the Colombian coast of the Pacific Ocean.
The layout relied on another bilateral project for a pipeline for multiple purposes, already discussed in 2006.
Both Venezuelan and Colombian oil authorities, reposing hope in the plan, estimated that the pipeline would carry 600,000-880,000 barrels per day of oil from 2016, taping on the flourishing production of operatorships at the Orinoco Oil Belt, on the Venezuelan side.
Royce described Maduro as the handpicked successor of Hugo Chávez, the former strongman of Venezuela and outspoken antagonist of Washington whose death anniversary is marked on Wednesday.
The House voted 393-1 in favor of the legislation, with Republican Thomas Massie casting the only dissenting vote.
A similar resolution is being pondered in the Senate.
Lawmakers also demanded President Barack Obama to impose sanctions against those responsible for the crackdown.
House passes resolution condemning repression in Venezuela
The chairman of the Foreign Relations Committee of the House, Ed Royce, praised the representatives for endorsing a motion that "supports Venezuelans who long for a return to the rule of law." The House voted 393-1 in favor of the legislation, with Republican Thomas Massie casting the only dissenting vote
They believe that people's claims should not be attacked by the government (Edsaú Olivares)
Wednesday March 05, 2014 07:11 AM
The House of Representatives of the United States on Tuesday expressed its condemnation of the government of Venezuela and its "inexcusable" crackdown on protesters and opposition leaders. The House approved a resolution lambasting President Nicolás Maduro's forces for "their repressive tactics during the demonstrations affecting the country, which faces one of its worst crises in recent years."
The US Congress "deplores the acts that constitute an affront to the rule of law, the inexcusable violence perpetrated against opposition leaders and protesters in Venezuela, and increasing efforts to politically use criminal charges to intimidate the political opposition in the country," AFP reported.
The House also urged other governments and organizations in the region to express solidarity with the protesters and help open a dialogue to end the crisis in Venezuela.
The chairman of the Foreign Relations Committee of the House, Ed Royce, praised the representatives for endorsing a motion that "supports Venezuelans who long for a return to the rule of law, democratic rules and respect for basic human rights."
China, Venezuela pledge to cement partnership
February 28, 2014
Chinese Vice President Li Yuanchao met with Rafael Ramirez, Venezuela's vice president for economic affairs on Friday and they pledged to cement the strategic partnership between the two countries.
Hailing the development of the bilateral relationship in recent years, Li said he hopes the two sides will consolidate political trust in each other, and boost practical cooperation in energy, mining and finance.
Ramirez, also minister of petroleum and mining, said Venezuela attaches great importance to its strategic partnership with China and is ready to advance reciprocal and friendly cooperation in a sustained way to benefit the people of the two countries.
snip ...According to the nation's top officer, this new approach will cover more ground and focus on oil, petrochemicals, construction, industry, farming, agricultural industry, tourism, textiles, mining, communications and high technology. In so doing, claimed the president in his address before the National Assembly, a proprietary production model will develop.
"With those 11 driving forces we will launch an offensive comprising investment, employment, associations and mixed-investment enterprises," stressed Maduro on that same day.
MAYELA ARMAS H. | EL UNIVERSAL
Friday January 24, 2014 09:16 AM
The debt of state-run oil holding Petróleos de Venezuela (Pdvsa) grows at fast pace. Financial needs to cope with core activities, accounts payables to providers, social programs (missions) and projects in productive areas have led Pdvsa to accrue debts up to 171% in six years.
Pdvsa's financial debt shows a surge in liabilities: from USD 16 billion in 2006 to USD 43.3 billion in 2013.
This week, Venezuelan Vice-President for Economic Affairs, Minister of Petroleum and Mining, and Pdvsa President, Rafael Ramírez, argued that Pdvsa's debt "has some leeway or a drilling plan in its production targeted at six million barrels per day (bpd)." Truly, the official information reveals that Pdvsa usually seeks loans and issues bonds and notes to keep its commitments and to address the welfare programs entrusted by the Executive Office.
Last year only, Pdvsa issued bonds for USD 4.5 billion. A portion of the notes went to repay the debt owed to providers (USD 800 million); vendors of CASA, the state-owned Corporation of Agricultural Supply and Services (USD 16 million), and the Central Bank of Venezuela (BCV) (USD 900 million). Additionally, Pdvsa sough loans from public banks in order to sustain agribusiness plans.
Add to the debt, notified in the financial statement, BCV's funding, mushrooming to 60% in one year. Because of the pressing need for funds, Pdvsa has given the BCV instruments instead.
"At the end of our fiscal year, we must present our financial statements in March. That issue will be no more present there," Ramírez promised. Further, the senior officer dismissed any additional request of funding from the BCV. He even reported that a schedule to repay the debt had been agreed through a joint venture for gold exploitation in partnership with the BCV.
Nonetheless, because of the financial aid given to Pdvsa, the BCV has had to print more bolivars, making an impact on liquidity and rising pri
...On December 17, 2013, Pdvsa's President and Vice-President for Economic Affairs, Rafael Ramírez, reported that the BCV and Pdvsa established a joint venture for the gold business, with Pdvsa holding 60% of the owner share and BCV being responsible for buying all the ounces extracted in the country.
"Pdvsa has exploitation rights for more than 92 billion ounces of gold. We head for re-launching of the gold sector," Ramírez said. However, he did not specify whether this step forms part of the plan to honor the debt owed to the BCV.
Following the resignation of arbitrator Florentino Feliciano, Laurence Boisson de Chazournes (French) accepts her appointment as arbitrator, appointed by Respondent in accordance with Article 17(1) of the ICSID Arbitration (Additional Facility) Rules.
The Tribunal is reconstituted. Its members are: Laurent Lévy (Brazilian/Swiss), President, appointed by agreement of the parties; John Y. Gotanda (U.S.), appointed by the Claimant and Laurence Boisson de Chazournes (French) appointed by the Respondent in accordance with Article 17(1) of the ICSID Arbitration (Additional Facility) Rules. The proceeding is resumed pursuant to Article 18 of the ICSID Arbitration (Additional Facility) Rules.
Tuesday November 12, 2013 02:04 PM
President Nicolás Maduro on Tuesday called on entrepreneurs to invest in Venezuela.
"He who wants to work, any Venezuelan businessperson, may join us and do it honestly," he said during the opening of an international seminar on the Orinoco Oil Belt at the headquarters of state-run oil holding Pdvsa in Caracas.
Maduro particularly called upon the entrepreneurs who love the homeland to bring their money into the country and invest.
Maduro criticized the fact that some Venezuelans do not believe that the country is the target of "economic sabotage."
"Some Venezuelans are hit by the economic sabotage and yet they do not believe that it does exist (...) We shall not rest in denouncing those who are harming the homeland," he said.
He added that laptop prices have fallen after the inspections conducted in household appliances retailers.
"I tell you, this is Venezuela," he exclaimed.
The president said people are queuing outside appliance stores following price cuts by the government because they have purchasing power. Anyway, Maduro urged people to save and not be swayed by consumerism.
"Maybe in January they (prices) will go down again," he said, while recalling that on Thursday the government will launch special plans to reward and encourage savings.
Maduro said that anyone trying to spur violence would be put in jail.