Chief Executive Carlos Jorda was replaced at the boards of Citgo Petroleum and parent company Citgo Holding. In 2019, the United States recognized Venezuelas Interim President Juan Guaid as the lawful head of state. The 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. 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. The court affirmed because the district court could not grant the motion without addressing a nonjusticiable political question. 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. VENEZUELA There is, however, another New York choice-of-law rule that may trump Section 5-1401. Tuesday's shakeup introduced five new appointees tied to different opposition parties, some of them the sons of former PDVSA executives. WebThe members of the Board of Directors of PDVSA are: President: Manuel Quevedo Fernndez Vicepresident of Production and Exploitation: Miguel Quintana Castro, substituting Nelson After Guaid assumed office, his government appointed a new board of directors to governPetrleos de Venezuela, S.A. (PDVSA), Venezuelas state - owned oil company. The government's fiscal share composed of royalties, income tax, and other taxes, amounted to US$5.64 billion in 1988, representing almost 60% of total revenues of US$9.51 billion. Nevertheless, they are vitally important. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. 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. Fueling Venezuela's Future | CITGO Its last reported accounts, as per website, are for 2020. It passed two resolutions one in May 2016 and one in September 2016 challenging the power of the executive branch to proceed with the transaction and expressly rejecting the pledge of CITGO assets in the 2020 Notes. It has the same powers and responsibilities as the Board of Directors, under Board of Directors resolution No. As Maduro continues to resist pressure to resign, sanctions will increasingly restrict his access to cash and hinder his ability to move petroleum. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. 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. PDVSA also owns minority stakes in two refineries in Sweden, and one in Belgium. Petrleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peeesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. We're doing our best to make sure our content is useful, accurate and safe.If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly. Factions within the National Assembly have been fighting for influence at Citgo since last year. PEDRO RAFAEL TELLECHEA RUIZ PEOPLES MINISTER OF PETROLEUM. This is the billion-dollar choice-of-law question. 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. [This post is cross-posted at Transnational Litigation Blog.]. 2703, published in the Extraordinary Official Gazette of the Bolivarian Republic of Venezuela No.6284. PDVSA These legislative objections notwithstanding, PDVSA followed through with the exchange. On October 31, 1989, PDVSA acquired 50% of Unocal's downstream assets in the midwestern United States.