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port_x10 18 posts  |  Last Activity: Aug 6, 2014 3:37 PM Member since: Aug 6, 2010
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  • July 28, 2014

    The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).

  • 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.^^

  • Reply to

    GRZ article

    by agtavy May 2, 2014 7:27 AM
    port_x10 port_x10 May 2, 2014 11:00 PM Flag

    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.

  • Reply to

    Maduro just UNITED Dem and Rep in USA

    by port_x10 Mar 5, 2014 11:30 PM
    port_x10 port_x10 Mar 5, 2014 11:32 PM Flag

    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)

    EL UNIVERSAL
    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."

  • port_x10 by port_x10 Mar 2, 2014 2:01 PM Flag

    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.

  • port_x10 by port_x10 Feb 24, 2014 11:31 AM Flag

    February 16, 2014 - February 19, 2014

    The Tribunal holds the continuation of a hearing on jurisdiction and merits in Washington, D.C.

  • 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

  • Guess that will help with the TP shortage! LMAO!!!!

  • ...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.

  • port_x10 by port_x10 Dec 20, 2013 12:09 PM Flag

    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.

  • port_x10 by port_x10 Dec 16, 2013 11:59 AM Flag

    crawled away like the coward that he is. jcwillisBONDIESTOOGE kicked his bASS.

  • EL UNIVERSAL
    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.

  • Reply to

    #$%$ BANANA heads!!!!!!!!!

    by port_x10 Sep 4, 2013 4:01 PM
    port_x10 port_x10 Sep 4, 2013 4:15 PM Flag

    401. The Tribunal accordingly concludes that the Respondent breached its obligation to
    negotiate in good faith for compensation for its taking of the ConocoPhillips assets in the three
    projects on the basis of market value as required by Arti
    cle 6(c) of the BIT, and that the date of the valuation is the date of the Award

    WHAHOOOOOOOOO!!!!!!!
    .

  • Venezuela Unlawfully Expropriated ConocoPhillips’ Oil Investments
    September 3, 2013

    HOUSTON – ConocoPhillips (NYSE: COP) today announced that an international arbitration Tribunal ruled Venezuela unlawfully expropriated ConocoPhillips’ significant oil investments in the Petrozuata and Hamaca heavy crude oil projects and the offshore Corocoro development project. According to an International Centre for Settlement of Investment Disputes (ICSID) Tribunal, Venezuela’s actions amounted to an unlawful expropriation. In doing so, the Tribunal also confirmed its jurisdiction over this dispute.

    “We welcome this decision by the Tribunal,” said Janet Langford Kelly, senior vice president, Legal, General Counsel and Corporate Secretary. “This ruling sends a clear message that countries cannot expropriate their investments without fair compensation.”

    While today’s ruling is a major milestone, the arbitration process will continue for a period of time in order to determine compensation owed for ConocoPhillips’ substantial investments.

    In the early 1990s, in order to induce foreign investments in its heavy oil projects in the Orinoco Belt, Venezuela created a new fiscal framework that applied specifically to these projects. Relying on these terms, ConocoPhillips helped Venezuela develop the Petrozuata, Hamaca and Corocoro projects with its industry-leading technology and substantial long-term investments.

    However, in the summer of 2007, the government expropriated ConocoPhillips’ investments in their entirety without fair compensation. Consequently, in late 2007, the company initiated arbitration proceedings against Venezuela before ICSID, an arm of the World Bank.

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