Venezuela

Gold Reserve announced on Monday that the Lisbon Court of Appeal had confirmed its arbitration award against Venezuela and given it the green light to enforce approximately $1.1 billion in Portugal. In afternoon trading, shares of the company increased 1.5% to C$2.63. The company stated that the decision supports its ongoing efforts in Portugal to enforce its arbitral award, where it claimed it had obtained attachments orders "against numerous bank accounts" with more than $1.4 Billion. It added: "Recovery in Portugal legal proceedings is not guaranteed due to a number of factors." It added that "further court orders will be...

Gold Reserve announced on Monday that the Lisbon Court of Appeal had confirmed its arbitration award against Venezuela and given it the green light to enforce approximately $1.1 billion in Portugal. The company stated that the decision supports its ongoing efforts in Portugal to enforce its arbitral award, where it claimed it had obtained attachments orders "against numerous bank accounts" with more than $1.4 Billion. It added: "Recovery in Portugal legal proceedings is not guaranteed due to a number of factors." It added that "further court orders will be required in order to try to collect any of the funds...

CNN, citing an insider familiar with the situation, reported that Richard Grenell, the envoy of U.S. president Donald Trump, is scheduled to meet Venezuelan President Nicolas Maduro in Venezuela on Friday. Could not verify immediately the meeting. Trump said that his administration will likely stop purchasing oil from Venezuela, and is looking at Venezuela "very closely" Grenell, Trump’s special mission envoy, said earlier that he had spoken with several officials in Venezuela, and would start meetings days after the Biden administration, which is leaving office, imposed new sanctions against the government of Maduro. Grenell, in a posting on X, revealed...

Polish oil refiner Orlen has actually reached a settlement to recoup $100 million out of $ 400 million in prepayment for Venezuelan and other oil which the business never ever received, a source acquainted with the matter stated. Under the settlement, state-controlled Orlen will recover the $100 million in numerous tranches by the end of the year from Dubai-based Horizon Global. The company is still attempting to recover the staying prepayments transferred to other business. The settlement was first reported by Polish broadcaster Radio Zet. Horizon Global did not respond to Reuters request for discuss Wednesday. In 2015, Horizon Global...

India's November crude imports revealed Middle Eastern oil at a 9month high while Russia accounted for its smallest share in 3 quarters, ship tracking data obtained from sources showed. Refiners in India have actually been making a pig of on cheaper Russian oil regardless of problems postured by sanctions targeted at lowering Moscow's. oil profits to money its war in Ukraine. The world's third biggest oil importer and consumer in. November delivered in 13% less Russia oil compared with October at. 1.52 million barrels per day (bpd), about 32% of India's total. intake, the information revealed. It imported 2.28 million...

5 years ago, Chevron CEO Michael Wirth won Wall Street honor as the No. 2 U.S. oil business quickly attained a market value larger than Exxon Mobil's after he refused to get into a bidding war with Occidental Petroleum over a rival. He was ahead of the game when the pandemic hit oil and gas need, requiring competitors to make deep cutbacks that Wirth had already taken on at Chevron. Its shares had actually outshined rivals for five years till 2022. Fast forward to 2024 and Wirth's legacy is in threat. Chevron's falling earnings no longer cover its dividends and...

Lenders looking for proceeds from a U.S. courtordered auction of shares in a moms and dad of Citgo Petroleum to compensate them for Venezuela's debt defaults and expropriations on Tuesday widely slammed regards to a. conditional deal picked in the 2nd bidding round. An Elliott Financial investment Management affiliate on Friday was. named the presumptive winner of the share auction with a bid. that puts an as much as $7.286 billion enterprise worth on. Venezuela-owned oil refining company Citgo. Amber Energy's bid, based on the resolution of parallel. claims by a group of bondholder, is the best way to get...

The U.S. government is studying. really carefully the possibility of imposing additional sanctions. on individuals in Venezuela along with prospective withdrawing. licenses for oil companies working in the South American. nation, in response to what it calls a deceptive election, a. senior authorities stated on Friday. Brian Nichols, U.S. assistant secretary of state for Western. Hemisphere affairs, made the remarks during a webcast instruction. with press reporters. Using either specific sanctions or the. cancellation of licenses related to sectoral sanctions are. something that we're studying extremely carefully, said Nichols, after. being asked about the possibility of imposing new visa. constraints...

A U.S. federal court officer supervising an auction of shares in the moms and dad of Venezuelaowned refiner Citgo Petroleum on Friday requested a brand-new extension to evaluate quotes and choose a winner of the bidding round, according to a court filing. A complicated bidding system in an unmatched lawsuit to pay up to $21.3 billion in financial obligations from expropriations and financial obligation defaults in Venezuela has actually repeatedly developed hold-ups. The auction is anticipated to see an ownership change of the seventh-largest U.S. refiner. The proposed extension, the third asked for up until now this year, would provide...

The United States is considering fresh sanctions on Venezuela following Sunday's. challenged presidential election. Incumbent President Nicolas. Maduro declared triumph, but opposition leaders say tallies show. their candidate Edmundo Gonzalez won more than two times as numerous. votes as Maduro. If governments in The United States and Canada and Europe seek to impose. new steps versus Maduro's administration, they could. potentially return the country to seclusion, analysts stated. WHAT SANCTIONS IS VENEZUELA ALREADY UNDER? Venezuela has actually been struck with financial and oil sanctions by. numerous nations considering that 2017 over accusations of corruption,. drug trafficking and human rights offenses....

The Biden administration will calibrate its sanctions policy towards Venezuela depending on how the highstakes election unfolds in the OPEC country on Sunday, U.S. authorities stated, indicating that Washington might ease punitive measures if President Nicolas Maduro holds a. reasonable vote. However the U.S. also put Maduro on notice that if he claims. victory without providing concrete proof, it would call into. concern whether the global neighborhood ought to accept the. result. Maduro is seeking his 3rd term as leader of Venezuela,. which is under heavy U.S. sanctions. His challenger, opposition. prospect Edmundo Gonzalez, has brought in substantial assistance. Maduro,...

Venezuelaowned oil refiner CITGO Petroleum said on Wednesday it was awarded more than $340. million in damages and interest by a U.S. court in a bribery. probe. Previously this month, the District Court for the Southern. District of Texas held CITGO's previous professional Petroleum. Logistics Service (PLS) and its founder Jose Manuel Gonzalez. Testino responsible for scams, breach of agreement and civil. offenses of the Racketeer Influenced and Corrupt Organizations. Act. The U.S. refiner had launched a lawsuits in 2020 versus. the professionals, citing that they attempted to corruptly secure. agreements with the company and its Venezuelan moms and dad...

A U.S. judge managing an auction of shares in the parent of Venezuelaowned Citgo Petroleum on Monday agreed to reopen a data room to permit prospective purchasers to prepare brand-new quotes, a court file showed. Judge Leonard Stark ordered the information space to be opened on Wednesday after listening to creditors in the event urge a brand-new bidding round. The court is auctioning shares in Citgo moms and dad PDV Holding to pay back $21 billion in claims versus Venezuela and state oil company PDVSA for expropriations and debt defaults. A conditional deal of as much as $7.3 billion by...

The U.S. judge supervising an auction of shares in a Citgo Petroleum moms and dad to pay Venezuelalinked creditors on Wednesday proposed significant procedural modifications to advance a case stalled by broad opposition and claims by lenders in other courts. Judge Leonard Stark suggested a series of changes to encourage greater bids in a seven-year-long court case brought by business pursuing up to $21.3 billion in claims for financial obligation defaults and expropriations in Venezuela. An as much as $7.3 billion quote by an affiliate of activist investor Elliott Investment Management might soon be challenged by the court's recommendation to...

U.S. oil refiner Citgo Petroleum on Thursday reported a net loss of $25. million in the second quarter following unfavorable market. conditions and refinery upkeep and upgrades, compared to. income of $410 million in the quarter instantly prior. A U.S. federal court is auctioning shares of among the. moms and dads of the Venezuela-owned company, which is the seventh-. biggest U.S. refiner, in order to pay up to $21.3 billion in. claims from financial obligation defaults and expropriations in the South. American nation. Citgo's crude processing fell to 678,000 bpd with an average. crude utilization of 84% due to turn-around...

Venezuela's National Assembly on Monday began discussing a proposition to extend through 2047 a contract in between state oil company PDVSA and U.S. company Chevron to operate a joint venture in the nation's. largest producing area. PDVSA and Chevron have 4 joint endeavors in Venezuela that. are producing some 200,000 barrels per day (bpd) of crude. The companies are requesting an extension for Petropiar in. the Orinoco Belt, the partnership that produces one of the most oil,. Venezuela's deputy oil minister, Elianny Palencia, said during a. discussion at the National Assembly in Caracas. The extension for Petropiar will make an...

British oil major BP and Trinidad and Tobago's state energy company NGC have gotten a. twoyear license from the U.S. Treasury Department to negotiate. and establish the CocuinaManakin gas fields with Venezuela,. Trinidad's energy minister stated on Wednesday. Washington last month did not restore a broad license that had. allowed Venezuela to easily export its oil and get. investment, however it has actually considering that issued specific authorizations to. companies attempting to do company in the sanctioned South American. nation. BP and NGC are now allowed to plan a project involving an. offshore reservoir with about 1 trillion cubic feet...

Poland's biggest refiner Orlen is taking every possible step to recuperate money paid by its Swiss trading unit in prepayments for oil that was not provided, however this might be very made complex, the company's. CEO said on Thursday. District attorneys in Poland are examining the loss of about. $ 400 million by Orlen Trading Switzerland (OTS) in prepayments,. primarily for Venezuelan oil, in what has actually become a politically. charged story in Warsaw. The truth that a business such as Orlen, one of the largest. companies in Europe ... one of the largest refining issues in. the world ......

Indian oil refiner Dependence Industries has actually resubmitted a request to the U.S. for an authorization to import crude oil from approved Venezuela, three individuals near to the matter said, and resume oil trade in between the OPEC producer and the as soon as secondlargest destination for its oil. French oil manufacturer Maurel & & Senior prom separately on Monday stated the U.S. on Friday approved it a license to conduct oil and gas operations in Venezuela for the next two years. The U.S. in April did not restore a general license for Venezuela to export oil and fuel to...

Oil production at Repsol's. Venezuela joint endeavors with state business PDVSA is. anticipated to double after a recent contract to broaden locations. designated to the projects, the Spanish oil company's Chief. Executive Josu Jon Imaz said on Thursday. This arrangement includes two new fields (...) currently. producing 20,000 barrels a day, Imaz told analysts in a call to. discuss first-quarter outcomes. So that implies that we are, thanks to this agreement,. doubling the existing production of Petroquiriquire which. currently stands at 20,000 barrels a day (bpd), he added,. referring to one of the company's joint ventures with PDVSA. The Petroquiriquire...

The U.S. Treasury Department extended through midAugust a license protecting Venezuelaowned oil refiner Citgo Petroleum from creditors seeking to impose judgments from previous expropriations and financial obligation defaults, according to a Monday post on the department's site. The Treasury's basic license 5-O bans deals related to Venezuelan state oil company PDVSA's 2020 bonds in the coming months. The bonds were collateralized with a part of Citgo's. equity. A U.S. court-organized auction of shares in a Citgo parent to raise proceeds to pay off Venezuela. financial obligations is due to wrap up in July, potentially resulting in a modification. in ownership...

Hedge fund Elliott Financial investment Management is weighing a quote for shares in the moms and dad of oil refiner Citgo Petroleum under a U.S. courtordered auction, while a group of financial institutions represented by Centerview Partners goals to lure ConocoPhillips to join another deal, 5 people close to the matter stated. Financial investment lender Centerview has actually been kept to craft a potential bid on behalf of financiers and creditors pursuing Venezuela's foreign assets in federal court in Delaware to recover claims for expropriations and financial obligation defaults, three of the individuals stated. The Centerview group desires oil producer...

Costs for heavier crude oil along the U.S. Gulf Coast have climbed up in current weeks, trading at a rare nearpar with lighter oil, a sign of supply tightness that could add to increasing fuel prices. Refineries along the Gulf Coast, which represent more than 55% of overall U.S. refining capacity, are tailored to run medium and heavy crudes which produce more diesel and jet fuel than lighter oil. Much heavier crudes are usually cheaper as they are dirtier and cost more to process. Pushing up heavy crude costs are falling oil exports from Mexico, the potential for resumption of...

The federal government of Trinidad and Tobago has actually started talks with the U.S. for a license that would permit the joint advancement of a gas task shown Venezuela that likewise involves BP, Energy Minister Stuart Young said on Thursday. The Manakin-Cocuina areas belong to the Plataforma Deltana huge gas task on the Venezuela side of the maritime border, which stays idled. On Trinidad's side, BP runs the field, and is approaching a monetary choice to establish it in keeping with U.S. sanctions versus Venezuela. Venezuela's government and BP recently confirmed speak to restore the joint advancement of Manakin-Cocuina, which...