May 02, 2016 9:47 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Petróleos de Venezuela S.A.

Company Overview

Petróleos de Venezuela S.A. engages in the exploration, production, refining, transport, and commerce of hydrocarbons in Venezuela. The company was founded in 1975 and is based in Caracas, Venezuela.

Edificio Petróleos de Venezuela

Avenida Libertador

La Campiña

Apartado 169

Caracas,  1050

Venezuela

Founded in 1975

Phone:

58 212 708 4111

Fax:

58 212 708 4661

Key Executives for Petróleos de Venezuela S.A.

Chairman of the Board, President and Chairman of Board Committee
Age: 59
Vice President of Finance and Internal Director
President of Pdvsa Industrial and Executive Director of Automation, Information Technology & Telecommunications
Vice President of Economic Affairs
Age: 64
Executive Director of Finance
Compensation as of Fiscal Year 2015.

Petróleos de Venezuela S.A. Key Developments

Rosneft and PDVSA Sign Heads of Agreement for Joint Development of Offshore Natural Gas Project in Venezuela

Rosneft and PDVSA signed Heads of Agreement to establish a joint venture for implementation of the large-scale project for production, treatment and sale of natural gas at the offshore fields Patao, Mejillones and potentially Rio Caribe in Venezuela. The Heads of Agreement is concluded in elaboration of the Memorandum on the joint projects development that was signed by the parties in June 2015 at the St-Petersburg International Economics Forum. The new Heads of Agreement, concluded with the support from the Ministry of Petroleum and Mining of the Bolivarian republic of Venezuela, provides that the parties shall move to the practical stage and perform the in-depth feasibility study on the project. In parallel the parties plan within the short time limit agree and provide for the approval of the Ministry of Petroleum and Mining the complete set of legally binding agreements regulating establishment of the joint venture.

Petróleos de Venezuela S.A. Announces Board Changes

Petroleos de Venezuela, S.A. announced the appointment of two new members to the Board of Directors of the Company, by decree N° 2183 of the Constitutional President of the Bolivarian Republic of Venezuela Nicolas Maduro, published in Official Gazette N° 40826 of January 12, 2016, in accordance with the existing legal framework. Citizen Ana Maria Espana Girardi joins the board as Vice President of Finance and Internal Director, and Sergio Antonio Tovar Amaro joins as Internal Director of Planning. People's Minister of Petroleum and Mining Eulogio Antonio Del Pino Diaz was ratified as President of the Company. Also ratified were Vice President of Exploration and Production Orlando Enrique Chacin, Vice President of Refining, Trade and Supply Jesus Enrique Luongo; Vice President of International Affairs and Internal Director Delcy Eloina Rodriguez Gomez, Internal Director Aracelis Coromoto Suez de Vallejo, Internal Director Anton Rafael Castillo, as well as External Directors Rodolfo Clemente Marco Torres, Wills Rangel, and Ricardo Menéndez Prieto. The new members of the Board of Directors are committed to PDVSA, and support state guidelines and policies brought forward by President Nicolas Maduro to strengthen the Full Oil Sovereignty policy, the construction of socialism and defense of the revolution.

Petroleos de Venezuela, SA Appoints Miguel Hung as Executive Director of Fiscal Audit

On December 16, 2015, Miguel Hung was sworn in as Executive Director of Fiscal Audit of Petroleos de Venezuela, SA. He was selected for his position by public competition, in compliance with the National Fiscal Control System and the organic laws of Financial Administration and the Comptroller General of the Republic. Miguel Hung recently served as Principal Internal Auditor at the Empresa de Produccion Social Minera Nacional.

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