Venezuela

On Tuesday, the U.S. Military killed 11 people on a vessel that was in the Caribbean. President Donald Trump claimed that the vessel carried illegal drugs and belonged to the drug cartel that he had designated as a terrorist group responsible for killings in the United States. Here is an overview of the legal basis for the attack. PRESIDENTIAL POWER OF USE OF MILITARY According to the Constitution, Congress has the power to declare a war, but it is the president who is in charge of the armed services. Presidents from both parties have carried out military operations overseas without...

On Tuesday, the U.S. Military killed 11 people on a vessel that was in the Caribbean. President Donald Trump claimed that the vessel carried illegal drugs and belonged to the drug cartel that he had designated as a terrorist group responsible for killings in the United States. Here is an overview of the legal basis for the attack. PRESIDENTIAL POWER OF USE OF MILITARY According to the Constitution, Congress has the power to declare a war, but it is the president who is in charge of the armed services. Presidents from both parties have carried out military operations overseas without...

Shipping data revealed that Venezuelan oil exports surpassed 900,000. barrels per day during August, their highest level since November. This was after energy producer Chevron obtained a license allowing the OPEC nation's crude to be returned to the U.S. after a 4-month pause. Last month, the U.S. Treasury Department issued a limited authorization to Chevron, a major partner of Venezuelan PDVSA state company, to export oil and operate in Venezuela, despite the sanctions. According to data from tanker movements, the resumption in Chevron flow to the U.S. and larger cargoes going to Venezuela's main destination, China, resulted in a 27%...

A dozen sources claim that Venezuela's government has begun to allow the private sector to use dollar-linked cryptocurrencies for currency exchanges, due to the US restrictions on oil exports. The sanctions imposed by the United States on Venezuela, which are described by the Venezuelan government as an "economic war", prevent many transactions. Companies that want to purchase raw materials abroad are forced to exchange their local bolivars into dollars, generated from the oil trade, foreign card transactions, and the central bank injecting them into the exchanges. Oil revenue has dropped in recent months. The United States Treasury Department issued Chevron...

Gold Reserve filed a motion on Wednesday to disqualify an opposing bid by an affiliate of Elliott Investment Management, which a Delaware court selected this month as the frontrunner in an online auction for Citgo Petroleum’s parent. The auction of PDV Holding (parent of Venezuelan refiner Citgo) was overseen by a court officer who determined that the winning bid in the competition was a $5.86-billion offer made by Elliott affiliate Amber Energy, despite his recommendation in July of a $7.4-billion bid from a group headed up Gold Reserve subsidiary Dalinar Energy. The officer will now have to submit a fresh...

The U.S. court is about to announce the winner of an auction of shares in Citgo Petroleum, the parent company of the U.S. refiner. Affiliates of the hedge fund Elliott Investment Management as well as miner Gold Reserve are leading the competition. Robert Pincus, a U.S. court official, has until Monday to decide whether the $7.4 billion offer from Gold Reserve subsidiary Dalinar Energy that he had previously recommended remains in front or if a rival bid is superior. In the final round of bidding, Elliott's affiliate Amber Energy and a unit from commodities firm Vitol as well as a...

In a court filing, an officer in charge of the auction process for shares in Citgo Petroleum's parent company in the United States (owned by Venezuela) has revealed that a bidder had submitted a rival offer. The court was holding the auction to pay creditors who were owed money due from expropriations or defaults. Last month, a $7.4 billion offer by a group headed by a subsidiary owned by Canadian miner Gold Reserve, was recommended as the winner of the bidding process. However, the judge still has to decide whether or not to accept it after some creditors and competitors...

Three sources familiar with the preparations told reporters on Tuesday that Chevron Energy and Valero Energy were working to resume the supply of Venezuelan crude oil to Valero’s U.S. refining facilities under an agreement which was paused. This follows a newly granted license to the U.S. energy major. Washington issued a new limited authorization to Chevron in late July, allowing it to trade oil with Venezuela and export crude. This was a shift in policy following the prisoner exchange. Last week, the U.S. oil producer said that it expects to resume oil deliveries this month. While Chevron awaits the Venezuelan...

Holders of an important bond defaulted on by Venezuela's PDVSA state oil company asked a New York Judge to ensure that they can claim compensation in an expected auction of shares of the parent of Venezuelan-owned U.S. refining company Citgo Petroleum. Holders' claim in New York against Venezuela is still not resolved. However, if they obtain an injunction, they can block the transfer of Citgo Holding's parent company PDV Holding's shares to the winner of the auction. Last week, a Delaware court officer who was overseeing the bidding process recommended that a $7.4 billion bid submitted by group led by...

According to shipping documents and data, Venezuela exported 844,000 barrels of crude oil and fuel per day in June. This is an 8% rise from the previous months, as more cargoes were sent to China to offset the loss of U.S. markets and European ones. Washington terminated in late May a grouping of licenses which had authorized partners, such as Chevron and Repsol of the oil company PDVSA to transport Venezuelan crude for U.S. or European refineries. Since then, the state-owned firm has increased its exports to Asia. It sells its crude oil and fuels through little-known middlemen who make...

Gold Reserve filed an urgent request to a Delaware court asking for clarification on a License Venezuela-owned U.S. refiner Citgo Petroleum will pay its creditors even if a court auction is held, the company announced on Tuesday. The Delaware court has advanced to Complete the Auction Citgo Holdings, the parent company of Citgo, is offering shares to up to 15 creditors to compensate them for defaults on debts and expropriations. The winner of the bidding round is expected to be chosen by July 2. Gold Reserve Canada, one of the creditors participating in the auction, and also a buyer, has...

According to a Wednesday filing, a U.S. court in Delaware has moved the final hearing of the sale process to August 18th. The auction will be held by the Delaware Superior Court. Multiple delays have been experienced in the eight-year long court case aimed at compensating Venezuelan creditors for defaulted debts and expropriated assets. The first round of bidding last year did not satisfy the majority of companies who expected to receive cash proceeds. Citgo is the seventh largest refiner in the United States. It's owned by Venezuelan state oil company PDVSA. In the second round of bidding, the court...

According to trade sources, India's Russian crude oil imports between the months of April and September decreased by 8.4% compared to the previous year, due to tighter supply and lower discounts. Refiners are also seeking oil from the Middle East, and even the United States. Washington has also doubled the tariffs on Indian products to pressure South Asia to reduce its Russian oil imports. White House trade advisor Peter Navarro said India's purchases were funding Moscow's conflict in Ukraine. Shipping data from sources in the trade show that a refiner in India imported 1,75 million barrels of Russian oil per...

Gold Reserve, a Toronto-listed company, said that it filed motions on Friday to disqualify the court officer overseeing the auction of shares of Citgo Petroleum's parent company in Venezuela as well as the two advisory firms for the Delaware court. The miner is trying to stop the court from declaring the $5.9billion bid of rival Amber Energy, a hedge fund affiliate, Elliott Investment Management as the winner of the auction, since its own $7.9billion bid was not recommended by the court in August. Gold Reserve is among 15 creditors who are lining up for the cash proceeds of an auction...

On Thursday, a U.S. court upheld the validity and the 2020 bonds of Venezuelan oil company PDVSA. This led to the suspension of an auction of shares of the parent company of Venezuelan-owned U.S. refining firm Citgo. The bonds are secured by a majority stake in Citgo, which is ultimately owned by Caracas-headquartered PDVSA. The company defaulted in 2019 on the bonds, putting the refiner under threat of seizure from creditors. Since years, bondholders and companies expropriated by Venezuela have been fighting in U.S. courtrooms for the country's assets abroad, including Houston-based refiner Citgo Petroleum valued at $13 billion. Venezuela...

According to a filing, a U.S. Federal Court approved on Thursday the rescheduling a long-anticipated sale hearing that was originally scheduled for next week. The hearing would have determined the winner of the auction of shares of the parent company of Venezuelan-owned refiner Citgo Petroleum. After a court officer who was overseeing the auction recommended that a unit from miner Gold Reserve submit a different bid, two uninvited bids submitted recently by affiliates of hedge-fund Elliott Investment Management and commodities company Vitol were approved. Delaware Judge Leonard Stark stated in his order that a new date will be set for...

A filing updating the court-organized auction shows that an affiliate of hedge fund Elliott Investment Management raised its bid on the Venezuelan-owned parent of U.S. refiner Citgo Petroleum, bringing the total to $8.82 billion. The auction of PDV Holding was relaunched by the government in January, after a yearlong process that ended in chaos amid disputes over Citgo’s value and parallel legal proceedings. Last month, an officer of the Delaware Court supervising this auction recommended that a group headed by Gold Reserve bid $7.4 billion. The court received an $8.45 billion offer from a Vitol subsidiary last week, while the...

Sources say that India's oil purchases from Russia increased marginally during the first half this year. Private refiners Reliance Industries Ltd. and Nayara Energy accounted for almost half the total. The data shows that India, which is the third largest oil consumer and importer in the world, received approximately 1.75 million barrels of Russian oil per day from January to June this year. This represents a 1% increase over the previous year. State companies buy Russian oil from spot markets, but the two private refiners are bound by term contracts. India's purchases at discounted prices of Russian oil increased after...

According to a filing in court and a statement from the company, a U.S. court official overseeing the auction of PDV Holdings - the parent company of Venezuelan owned U.S. refiner Citgo Petroleum - has recommended that Gold Reserve subsidiary Dalinar Energy submit a bid for $7.38 billion. Two sources familiar with the bid told us on Wednesday that a group led by commodities trading company Vitol submitted a bid in excess of $10 billion during the last hours of an auction organized by a U.S. federal court. In the second round of bidding for PDV, the court chose an...

At least three consortiums have submitted improved bids at the last minute in an auction of shares of Citgo Petroleum, the parent company of Venezuelan-owned Citgo Petroleum. This could increase the price of the refiner that is the seventh-largest in the United States. The Delaware court officer who oversees the auction will recommend a winner by Wednesday, unless he asks for more time to review the revised bids that were permitted through Tuesday. The auction was organized by the court in response to an eight-year old case Crystallex, a Canadian miner, filed against Venezuela in Delaware. Citgo Holding's parent company,...

The U.S. Oil License in Venezuela expires on May 27, said Secretary of State Marco Rubio in a late-night post on his X account. The license of the U.S. company Chevron to operate in Venezuela was due to expire on May 27. Rubio wrote that "the pro-Maduro Biden #Venezuela oil license will expire on Tuesday, May 27 as scheduled." Requests for comments on Rubio’s post were not immediately responded to by the State Department or Treasury Department. Richard Grenell is the envoy of Donald Trump, U.S. president. Two sources said that Jorge Rodriguez, head of Venezuela's ruling party allied legislature...

According to a court document, a U.S. Federal judge confirmed on Monday that a $3.7billion offer made by Red Tree Investments, an affiliate of Contrarian Funds to pay bondholders and creditors in an auction for shares of the parent company of Venezuelan-owned refiner Citgo Petroleum was the starting bid. The offer, which had been recommended by a court officer overseeing the auction, unleashed a battle among 16 creditors seeking to cash proceeds from the auction, with some supporting the bid because it includes a payment agreement with holders of a bond issued by Citgo's ultimate parent, Caracas-headquartered PDVSA, and others...

According to a document obtained by us on Monday, Venezuela's PDVSA state-run company has developed three scenarios to ensure that it can continue to produce and export oil through its largest joint venture in Venezuela with Chevron after the license granted to the U.S. giant to operate within the country expires at the end of next month. Chevron was given 30 days by the administration of U.S. president Donald Trump to stop all oil exports and operations from Venezuela to the United States, which are currently being done under a license issued in 2022. Chevron is present in this sanctioned...

A notice on the Treasury Department's website showed that the U.S. Treasury Department had extended until early July a licence protecting Venezuelan-owned refiner Citgo Petroleum against creditors. The move came after President Donald Trump's government terminated a license for Chevron that allowed it to operate in Venezuela. Venezuela's opposition asked the U.S. for protection of Citgo - the crown jewel in the South American nation's overseas assets - as an American court proceeds this year with the auction of parent shares to pay its creditors. After the auction, the Treasury's Office of Foreign Assets Control (OFAC) must approve any new...