Hints and tips:
...Venezuelan sovereign bonds and those of state-owned oil major PDVSA will regain their place on JPMorgan’s emerging market debt indices for a few months, after US sanctions on secondary trading were lifted...
...Observers see the PDVSA probe as part of a purge of former allies, with tensions being exposed at the top of government....
...PDVSA bonds maturing in 2026 went up by 2.5 cents to 11 cents....
...State oil company PDVSA has relevant expertise but needs investment....
...The Guaidó Government has also used PDVSA assets to fund Venezuela’s legal Defense . . . PDVSA has started, only later to stop, paying its debts at the direction of Venezuela....
...“For the bonds, what will matter is whether the removal of the bond trading ban can lead to a successful restructuring of Venezuela and PDVSA debt,” he said....
...Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company PDVSA...
...The Treasury also amended two existing licences to remove a ban on secondary trading of certain Venezuelan bonds and debt of state oil company Petróleos de Venezuela (PDVSA), though a ban on primary trading...
...In November, Chevron received a licence from the US Treasury to resume limited oil production from joint ventures with PDVSA, Venezuela’s national oil company....
...The sanctions imposed by Trump included a ban on Venezuelan oil, on business with PDVSA and on US citizens or entities trading Venezuelan debt....
...Machado, who has pledged to privatise PDVSA if elected, leads in the polls against a dozen candidates to win the opposition primary in October....
...The company has roughly $75mn invested in sovereign and PDVSA bonds with a combined face value of almost $500mn as of the end of September, Robinson told the Financial Times....
...If elected, Machado has promised to privatise state-owned oil company Petróleos de Venezuela (PDVSA), and seek a restructuring of sovereign debt....
...— Amended two relevant licenses to remove the secondary trading ban on certain Venezuelan sovereign bonds and PdVSA debt and equity....
...“In light of the investigations that have begun about serious occurrences of corruption at PDVSA, I have taken the decision to present my resignation as Minister of Oil,” El Aissami wrote....
...“As much as one-third of the oil sales have not been collected by PDVSA. It has been a feast for corrupt intermediaries,” Monaldi said....
...If elected, Machado has pledged to privatise Petróleos de Venezuela (PDVSA), the state oil company that pumped much of Venezuela’s 3mn barrels a day at the turn of the century but is now beset by mismanagement...
...government is able to get some sanctions relief, obviously their priorities are to get sanctions relief on oil exports first and foremost, and on companies being able to deal with the state oil company, PDVSA...
...Chevron has accumulated more than $4bn in debt owed to it by PDVSA since sanctions went into force....
...President Trump imposed ever-tighter economic sanctions, cutting Venezuela off from the US financial system and banning US nationals from dealing with the state oil company PDVSA as part of a campaign of...
...Venezuela’s national oil company PDVSA will not receive profits from sales of oil under the agreement and revenues will be used to repay debt to Chevron....
...personnel from its military and state oil company Pemex, along with three helicopters, while Venezuelan oil minister Tareck El Aissami announced the country was sending 35 specialists from state oil group PDVSA...
...Such a deal could pave the way for Chevron to ramp up operations at its joint ventures with Venezuelan state-owned PDVSA....
...Cárdenas was detained with five of his colleagues during a meeting at the headquarters of Petróleos de Venezuela SA (PDVSA), Citgo’s parent company, in Caracas in late 2017....
...“Once you can establish alter ego, you can go after PDVSA assets to collect on Venezuelan debts....
International Edition