EFE — The U.S. Department of the Treasury announced on Monday a temporary easing of certain financial oversight measures to allow U.S. institutions to facilitate authorized transactions related to Venezuela’s economic recovery and humanitarian assistance following the country’s recent earthquakes. Under the measure, the Treasury said the Financial Crimes Enforcement Network (FinCEN) will not take […]
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Reuters — Venezuela’s Ministry of Hydrocarbons has informed PDVSA’s partners that it intends to keep the July 28 deadline for migrating oil and gas contracts to the country’s new legal framework. The ministry has urged company executives to complete negotiations before that date, according to four sources. At the end of January, Venezuela’s National Assembly […]
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The Daily Journal — Fluxus Oil, Gas & Energy, owned by Brazilian businessmen Joesley and Wesley Batista, has acquired a stake in a Venezuelan oil production project, according to a Bloomberg report. The transaction adds to a series of private agreements that have emerged following the sanctions relief promoted by the administration of U.S. President […]
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Bloomberg — Pacific Coast Energy Co. (PCEC), a small California-based oil producer, is close to securing an agreement to develop Venezuelan oil fields as the U.S.-backed government in Caracas pushes prospective partners to sign contracts before the end of July. PCEC is one of several companies negotiating joint ventures and production-sharing agreements with Petróleos de […]
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The Daily Journal — U.S. investment firm Lionheart Capital is close to finalizing a $400 million agreement to acquire a stake in the PetroUrdaneta oil field, according to a Bloomberg report. Bloomberg reported that Miami-based Lionheart “signed a non-binding letter of intent with Swedish firm Keo Capital AB, which holds an interest in PetroUrdaneta.” Transaction […]
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The Daily Journal — U.S. refineries are increasing their purchases of Venezuelan crude oil, putting imports on track to reach their highest level in nearly a decade, according to a report by Bloomberg. Refineries along the U.S. Gulf Coast have stepped up acquisitions to secure heavy crude supplies as wildfires in Canada threaten logistics and […]
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The Daily Journal — Judge Lauren F. Louis of the U.S. District Court for the Southern District of Florida granted former minister Alex Saab permission to skip Friday’s scheduled hearing in the money laundering case against him in the United States. Saab’s defense team also requested that the court enter a not guilty plea on […]
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The Daily Journal — Major refineries and energy companies in the United States, Europe, and Asia are increasing their direct purchases of Venezuelan crude from Petróleos de Venezuela S.A. (PDVSA). According to a Reuters investigation, this strategy is beginning to reduce the role of the large trading houses that dominated the country’s oil exports during […]
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The Daily Journal — The U.S. Department of State has asked the Department of Justice to certify diplomatic immunity for Venezuela’s interim president, Delcy Rodríguez, so that it can seek the dismissal of a civil lawsuit filed against her in the U.S. District Court for the Southern District of Florida. The State Department argues that, […]
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The Daily Journal – Current prices of Venezuela’s sovereign bonds largely reflect market expectations of a future external debt restructuring and a recovery in oil production, according to a report by Oxford Economics. The consulting firm argues that the recent rally in Venezuelan bonds, which it forecast in a February analysis, continues to rest on […]
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