April 30, 2017 12:32 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Petróleos de Venezuela S.A.

Company Overview

Petróleos de Venezuela S.A. explores for, produces, refines, transports, and sells hydrocarbons in Venezuela. The company was founded in 1975 and is based in Caracas, Venezuela.

Edificio Petróleos de Venezuela, Torre Este

Avenida Libertador

La Campiña

apartado Nº 169

Caracas,  1050


Founded in 1975

Key Executives for Petróleos de Venezuela S.A.

Chairman of the Board and President
Age: 60
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: 65
Executive Director of Finance
Compensation as of Fiscal Year 2016.

Petróleos de Venezuela S.A. Key Developments

PDVSA To Reportedly Sell 10% Stake In PetroPiar To Rosneft

Venezuelan state oil company Petrleios de Venezuela S.A. has reportedly offered Russian counterpart Public Joint Stock Company Rosneft Oil Company (LSE:ROSN) a stake in a joint venture in the country's Orinoco Belt extra-heavy crude area, five industry sources said, in a sign of the Latin American nation's dire economic situation and Moscow's growing muscle there. Rosneft, Russia's top oil producer, has been offered a 10 percent stake in the Petropiar, S.A. joint venture.

Petroleos de Venezuela, S.A. Signs 8 Oil Cooperation Agreements with China

Petroleos de Venezuela, S.A. ratified its cooperation with the People's Republic of China in 8 agreements as part of the XV China-Venezuela Joint High Level Commission held in the Jose Felix Ribas Hall of the Teresa Carreno Theater in Caracas. In addition to the memorandum of understanding for the work plan of the pilot test of well exploitation of the mixed company Petrourica; The constitution of the mixed capital company Venezolana de Mantenimientos Especializados Remensa; The establishment of a joint venture between PDVSA and Shandong to develop maintenance capacities for the provision of specialized services; And the memorandum of understanding between PDVSA and Shanghai for the corporate insurance and reinsurance program of PDVSA and its subsidiaries.

The Court of Appeal Rules in Favour of PetroSaudi International

The Court of Appeal has ruled in favour of PetroSaudi International ordering full payment of sums owing to them under a standby letter of credit. The judgment by the Court of Appeal overruled the High Court's previous decision that the signatory was fraudulent in their representation of law. In 2009, PetroSaudi entered into a drilling contract with Petroleos de Venezuela, S.A. In light of what the judgment describes as "Venezuela's dilatory payment history," an autonomous standby letter of credit was procured to provide security for payments from PDVSA. The commercial purpose of a standby letter of credit is to ensure the beneficiary - in this case, PetroSaudi - can obtain payment of sums due under a principal contract from a creditworthy bank, regardless of whether those sums are disputed or whether the counterparty is unable to pay. In countries with strong payment risk such as Venezuela, procurement of a letter of credit is standard business practice. PetroSaudi subsequently conducted drilling services for PDVSA totaling $129 million. The agreed credit period elapsed without payment of any of the invoices and the dispute over payment was then referred to arbitration.

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