The Daily Journal — Venezuela is preparing to disclose public debt approaching $240 billion, a figure far higher than previous market estimates and one that would make the country the center of the largest sovereign debt restructuring in history, the British newspaper Financial Times reported on Wednesday. According to the financial newspaper, the administration led […]
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Alejandro J. Sucre — Venezuela faces one of the most complex sovereign debt restructuring processes in its history. The scale of the challenge is undeniable: years without international audits, debt instruments scattered across multiple jurisdictions, opaque bilateral debt with China and Russia, and arbitration awards issued by the International Center for Settlement of Investment Disputes […]
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It’s Time for Oil Contracts. Listen to the Editorial audio here: https://clyp.it/1mybbqxi Julio A. López, Editor-in-Chief.— For years, Venezuela discussed sanctions, licenses, restrictions, international litigation, and political disputes. However, for major international oil companies, a much simpler and more practical question exists: What will the rules of the game be? The recent hiring of the […]
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Bloomberg — Venezuela’s state-owned oil company, facing staffing shortages, has hired international law firm Greenberg Traurig to help streamline contract negotiations with numerous companies ahead of a key regulatory deadline in August. The law firm confirmed its relationship with Petróleos de Venezuela S.A. (PDVSA) in an emailed statement. “Greenberg Traurig is advising PDVSA on potential […]
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The Daily Journal — Petróleos de Venezuela S.A. (Pdvsa) and Spanish energy corporation Repsol signed a new Memorandum of Understanding on oil and gas cooperation this Tuesday at Miraflores Palace in Caracas. According to official information, the agreement seeks to drive a large-scale revival of Venezuela’s hydrocarbon industry. Officials finalized the deal during a high-level […]
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The Daily Journal — Venezuela’s National Academy of Economic Sciences (ANCE) has warned that the country will require a “significant reduction in the nominal value of its debt” and support from multilateral institutions such as the International Monetary Fund (IMF) if it hopes to achieve a viable and internationally credible restructuring of its external obligations. […]
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The Daily Journal — The United States has restructured its sanctions regime on Venezuela by issuing four new general licenses that expand operating opportunities for U.S. and allied companies in the country’s oil, petrochemical, natural gas, and electricity sectors under a framework of financial oversight and geopolitical restrictions. The U.S. Department of the Treasury’s Office […]
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The Daily Journal — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued General License No. 50B. This measure selectively authorizes six major global energy corporations and their subsidiaries to maintain and conduct oil and gas operations in Venezuela. OFAC Director Bradley T. Smith signed the regulatory instrument, which took […]
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Bloomberg — Centerview Partners remained in negotiations with Venezuela until last month over a contract worth at least $150 million for its work as the country’s exclusive financial advisor in a debt restructuring process. This figure would far exceed the fees paid in previous sovereign debt operations, according to a draft agreement reviewed by Bloomberg. […]
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The Daily Journal — U.S. oilfield services giant SLB (formerly Schlumberger) announced on Wednesday the signing of a long-term framework agreement with state-owned Petróleos de Venezuela, S.A. (PDVSA). The agreement aims to establish the strategic foundations for the revitalization, technological modernization, and operational optimization of Venezuela’s hydrocarbon industry. Through a memorandum of understanding, the two […]
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