PDVSA

Lisbon Court again rules in favor of BSJI in case against PDVSA

Retrieved on: 
Wednesday, March 20, 2024
SAN, Sale, Judgement, Multimedia, International law, PDVSA

SAN JUAN, Puerto Rico, March 20, 2024 /PRNewswire/ -- Banco San Juan Internacional (BSJI) announced today that a three-judge panel in Lisbon, Portugal agreed to keep in place an attachment of nearly $150 million in funds held in a Portuguese bank by affiliates of Petróleos de Venezuela, S.A., the Venezuelan state-owned oil company. This sum represents $84 million dollars in outstanding debt owed to BSJI, plus more than $60 million in accruing interest.

Key Points: 
  • This sum represents $84 million dollars in outstanding debt owed to BSJI, plus more than $60 million in accruing interest.
  • First, in July of 2021, a commercial court in the UK, where the two companies had previously agreed to settle disputes, granted BSJI judgment and ordered PDVSA to repay money it owes to the bank.
  • The Lisbon court sided with BSJI and granted the requested attachment of not only the principal amount owed but, importantly, 7 years of accruing interest, pending adjudication against the PDVSA affiliates.
  • Although recovering funds from a debtor's corporate affiliates is rare under US and international law, the court in Lisbon agreed with BSJI arguments and deemed the affiliates to be "instruments/arms" of PDVSA.

U.S. Supreme Court Denies Venezuela Leave to Appeal Order of Delaware Court and Gold Reserve Designated as Additional Judgement Creditor in Delaware Sale Process

Retrieved on: 
Tuesday, January 9, 2024
Mining, Minerals, Natural Resources, Gold, Special, Risk, Judgement, Creditor, PDVSA, Person, Supreme, Sale, Special master, EDGAR, District court, Gold reserve, Delaware Court, Disclosure, Supreme court, Bankruptcy, Indian stock exchange, TSX Venture Exchange, Petroleum, ConocoPhillips, Security (finance)

The Company currently has 99.5 million Class A Common Shares outstanding (107.3 million shares on a fully-diluted basis).

Key Points: 
  • The Company currently has 99.5 million Class A Common Shares outstanding (107.3 million shares on a fully-diluted basis).
  • The Delaware Court previously held that the priority of judgments of Additional Judgment Creditors will be based on the date each such creditor filed a motion for a writ of attachment that was subsequently granted.
  • These judgments, according to the Special Master’s chart, represent an aggregate amount of U.S. $5.564 billion, inclusive of interest through August 2023.
  • This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking statements.

Natural Gas Liquids (NGLs) Market size to grow by USD 19.62 billion from 2023 to 2028; Growth Driven by Increasing renewable energy demand - Technavio

Retrieved on: 
Wednesday, December 6, 2023
Citizens Energy Corporation, Carbon, Coal, Plastic, Shell plc, Natural Resources, Chevron Corporation, PDF, NGL, Shell, PJSC, Ethane, Chesapeake Energy, Propane, USD, Equinor, BP, PDVSA, Growth, Valero Energy, Atlas, TotalEnergies, SE, ExxonMobil, Gasoline, Natural gas, Marketing, Free

NEW YORK, Dec. 6, 2023 /PRNewswire/ -- The natural gas liquids (NGLs) market is expected to grow by USD 19.62 billion from 2023 to 2028, according to Technavio.

Key Points: 
  • NEW YORK, Dec. 6, 2023 /PRNewswire/ -- The natural gas liquids (NGLs) market is expected to grow by USD 19.62 billion from 2023 to 2028, according to Technavio.
  • Increasing renewable energy demand is notably driving the natural gas liquids (NGLs) market.
  • The natural gas liquids (NGLs) market is fragmented, and companies are deploying organic and inorganic growth strategies to compete in the market.
  • The gasoline as a fuel market size is estimated to grow at a CAGR of 1.06% between 2022 and 2027.

Venezuela increases its oil production for the second half of 2023, according to the specialized Sembrar el Petróleo

Retrieved on: 
Monday, September 25, 2023
PDVSA, Nigerian Upstream Petroleum Regulatory Commission, Engineering, ENI, OPEC, Bicycle transportation planning and engineering, Essere o sembrare, International trade, News, Commerce, Oil, Finance, Refining, Gas

Venezuela increases its oil production for the second half of 2023, according to the specialized Sembrar el Petróleo

Key Points: 
  • Venezuela increases its oil production for the second half of 2023, according to the specialized Sembrar el Petróleo
    The issuer is solely responsible for the content of this announcement.
  • Tightening relationships with workers and following all procedures are some of the keys for PDVSA goals for 2023 and 2024.
  • The good news is, not only do oil production numbers trend higher, but also gas production is reason to be optimistic.
  • Both oil and gas industries have seen dramatic increases, especially with the four main refineries in the country resuming operations.

Gold Reserve Announces U.S. Delaware Court Issues Order Related to the PDVH Holding Sale Process

Retrieved on: 
Friday, July 28, 2023
Mining, Minerals, Natural Resources, Sale, PDVSA, TSX Venture Exchange, Judgement, Creditor, Delaware Court of Chancery, Gold reserve, Disclosure, Office of Foreign Assets Control, Delaware Court, Risk, EDGAR, United States Court of Appeals for the Third Circuit, Person, Electric Bond and Share Company v. Securities and Exchange Commission, Petroleum, District court, Sales process engineering, Gold, Nationalization, OFAC, SEDAR, Security (finance), Douglas v. U.S. District Court ex rel Talk America, Bankruptcy

Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) announces that on July 27, 2023 the U.S. District Court for the District of Delaware (the Delaware Court ) issued a decision on certain issues concerning the PDVH sale process, including determining the process by which creditors of the Bolivarian Republic of Venezuela and Petroleos de Venezuela, S.A. (PDVSA) (collectively, the Creditors) can be named “Additional Judgment Creditors” and thereby participate in the previously announced sale process (the Sale Process) for the shares of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.

Key Points: 
  • Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) announces that on July 27, 2023 the U.S. District Court for the District of Delaware (the Delaware Court ) issued a decision on certain issues concerning the PDVH sale process, including determining the process by which creditors of the Bolivarian Republic of Venezuela and Petroleos de Venezuela, S.A. (PDVSA) (collectively, the Creditors) can be named “Additional Judgment Creditors” and thereby participate in the previously announced sale process (the Sale Process) for the shares of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.
  • The Delaware Court held that for a Creditor to be an Additional Judgment Creditor, it must obtain a conditional or unconditional writ of attachment from the Delaware Court.
  • As previously disclosed, the Company obtained a conditional writ of attachment from the Delaware Court by order dated March 30, 2023.
  • These judgments, according to the Delaware Court’s present order, represent an aggregate principal amount of U.S. $4.684 billion, exclusive of interest.

U.S. Third Circuit Court of Appeals Affirms Previously Announced District Court Order Granted to Gold Reserve and Others

Retrieved on: 
Tuesday, July 11, 2023
Mining, Minerals, Natural Resources, TSX Venture Exchange, PDVSA, Creditor, Delaware Court of Chancery, Gold reserve, Disclosure, Delaware Court, Risk, EDGAR, Person, United States Court of Appeals for the Third Circuit, Judgement, Electric Bond and Share Company v. Securities and Exchange Commission, Sale, District court, Gold, United States Court of Appeals for the Ninth Circuit, Nationalization, OFAC, SEDAR, Security (finance), Virginia General District Court

Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) announces that on July 7, 2023 the United States Court of Appeals for the Third Circuit (the Third Circuit) issued a judgment affirming the orders of the United States District Court for the District of Delaware (the Delaware Court) issued on March 23, 2023 and March 31, 2023 (see Gold Reserve’s press releases dated April 4, 2023 and May 3, 2023).

Key Points: 
  • Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) announces that on July 7, 2023 the United States Court of Appeals for the Third Circuit (the Third Circuit) issued a judgment affirming the orders of the United States District Court for the District of Delaware (the Delaware Court) issued on March 23, 2023 and March 31, 2023 (see Gold Reserve’s press releases dated April 4, 2023 and May 3, 2023).
  • This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking statements.
  • Investors are cautioned not to put undue reliance on forward-looking statements.
  • All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice.

OFAC Publishes Guidance With Respect to Its Authorization of the Process to Be Used to Sell the Shares of CITGO’s Holding Company for the Potential Benefit of Certain Creditors of Venezuela Including Gold Reserve

Retrieved on: 
Wednesday, May 3, 2023
Chemicals, Plastics, Mining, Minerals, Oil, Gas, Manufacturing, Energy, Natural Resources, PDVSA, TSX Venture Exchange, Creditor, Delaware Court of Chancery, Gold reserve, Policy, Disclosure, Office of Foreign Assets Control, Delaware Court, Special master, Risk, EDGAR, Person, Electric Bond and Share Company v. Securities and Exchange Commission, Sale, Petroleum, Lubricant, Republic, Motion, Collection, Gold, OFAC, SEDAR, Security (finance), Attachment, Cryptocurrency

Based on recent OFAC guidance, writs of attachment may now be filed for without prior OFAC authorization but, as noted above, any sale transactions in the PDVH shares will continue to require OFAC authorization.

Key Points: 
  • Based on recent OFAC guidance, writs of attachment may now be filed for without prior OFAC authorization but, as noted above, any sale transactions in the PDVH shares will continue to require OFAC authorization.
  • OFAC’s position concerning the sales process was reported (with additional guidance provided by OFAC thereafter) in the previously announced status report that was filed by the Special Master on April 30, 2023.
  • PDVSA has filed a notice of appeal in respect of the decision of the Delaware Court to grant the Company, and the Other Creditors, the writs of attachment fieri facias.
  • This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking statements.

CITGO CEO Carlos Jordá Among Six Alumni Honored by Michigan Tech

Retrieved on: 
Tuesday, May 2, 2023
Process engineering, Biography, PotlatchDeltic, Orinoco Belt, CITGO, COVID-19, Amway, Michigan Technological University, Michigan Tech Research Institute, Department of Chemical Engineering, Imperial College London, Student, Chemical substance, Chemical engineering, Engineering, Associate, Creole Petroleum Corporation, Weather, Citgo, Gaffney, Cline & Associates, Management, PDVSA

HOUSTON, May 2, 2023 /PRNewswire/ -- Carlos Jordá, President and CEO of CITGO Petroleum Corporation, was recently honored by the Department of Chemical Engineering at Michigan Technological University.

Key Points: 
  • HOUSTON, May 2, 2023 /PRNewswire/ -- Carlos Jordá, President and CEO of CITGO Petroleum Corporation, was recently honored by the Department of Chemical Engineering at Michigan Technological University.
  • Jordá, a 1971 graduate of Michigan Tech, was one of six alumni named to the department's Distinguished Academy.
  • "I was honored to receive this recognition from my alma mater, Michigan Tech," said Jordá.
  • "I hope my career inspires current and future chemical engineering students at Michigan Tech," said Jordá.

Gold Reserve Granted Conditional Writ of Attachment From U.S. Delaware Court Regarding Shares in CITGO’s Holding Company

Retrieved on: 
Tuesday, April 4, 2023
Mining, Minerals, Natural Resources, PDVSA, TSX Venture Exchange, Creditor, Bank statement, Delaware Court of Chancery, Gold reserve, Disclosure, Special, Office of Foreign Assets Control, Delaware Court, Special master, Risk, EDGAR, Person, Electric Bond and Share Company v. Securities and Exchange Commission, Government, Sale, Petroleum, Lubricant, Republic, District court, Collection, Gold, OFAC, SEDAR, Security (finance), Douglas v. U.S. District Court ex rel Talk America, Oil, Cryptocurrency

Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) ("Gold Reserve" or the "Company") is pleased to announce that it was granted a conditional writ of attachment fieri facias from the U.S. District Court of Delaware (the Delaware Court) regarding the shares of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.

Key Points: 
  • Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) ("Gold Reserve" or the "Company") is pleased to announce that it was granted a conditional writ of attachment fieri facias from the U.S. District Court of Delaware (the Delaware Court) regarding the shares of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.
  • The writ of attachment is conditional and will not be effective unless and until the U.S. Office of Foreign Assets Control (also known as OFAC) has authorized transactions in the PDVH shares.
  • Thereafter, the Special Master is to file a status report on April 30, 2023, to update the Delaware Court on OFAC’s position.
  • The conditional writ of attachment provides Gold Reserve the opportunity to potentially enforce its September 2014 arbitral award and corresponding November 2015 U.S. judgement by participating in the potential sale of the PDVH shares.

Legal Intervention Supports EPA Permit Requirements for St. Croix Refinery

Retrieved on: 
Wednesday, February 15, 2023
Virgin Islands, Accident, Postgraduate education, Motion, Sulfur dioxide, Drinking water, Biophysical environment, Hovensa, ExxonMobil, Sierra Club, LLLP, Hess Corporation, EPA, United States Environmental Protection Agency, Garden, Sierra, Groundwater, Annotation, Safety, Maintenance, United States district court, PDVSA, Vermont Law and Graduate School, Health, Venezuela, Center for Biological Diversity, School, Fear, Biodiversity, Clean Air Act, Congress, HOVENSA, Virgin Islands National Guard, EJC, Limetree, COVID-19, Nausea, PSD, Transport, Public, Circuit court, Fire department, Environment, Policy, Headache, History, Oil, Environmental remediation, Gasoline, Port Hamilton

SOUTH ROYALTON, Vt., Feb. 15, 2023 /PRNewswire-PRWeb/ -- On Monday, Feb. 13, the Environmental Justice Clinic (EJC) at Vermont Law and Graduate School filed a motion to intervene in a case in the United States 3rd Circuit Court of Appeals concerning permits for a shuttered oil refinery in the U.S. Virgin Islands.

Key Points: 
  • The EJC supports the EPA's determination which requires a Prevention of Serious Deterioration (PSD) permit requiring the applicant to install the best available control technology.
  • In May 2021 the EPA used emergency measures to shut down the refinery and reversed its 2018 decision to not require a PSD permit.
  • The EPA is finally taking the risks posed by this facility seriously, and we need to stop the company from starting up that dirty refinery without a new permit."
  • The EPA now considers the refinery a new, stationary source of pollution and as such requires a PSD permit from Port Hamilton.