Etiqueta: Derecho Maritimo

Derecho Marítimo Fourth Quarter 2021 Report –Venezuela– I.NEWS This section highlights excerpts of relevant press releases and brief comments on our views regarding such. “US authorizes the winding down of transactions with PDVSA until 1 June 2022” The Department of Treasury authorized the winding down of prohibited transactions and activities which are necessary for the liquidation of operations or agreements in Venezuela involving PDVSA or any related entity, until 1 June 2022. The authorization approves transactions related to Chevron Corporation, Halliburton, Schlumberger Limited, Baker Hughes Holdings LLC and Weatherford International Public Limited Company. https://mundo.sputniknews.com/20211124/eeuu-autoriza-el-cierre-de-transacciones-con-pdvsa-hasta-el-1-de-junio-de-2022--1118602321.html “A New York Court declares that PDVSA must pay a significant debt to Red Tree” Red Tree Investments LLC sued PDVSA in 2019 for default in the payment of loans in the amount of USD $182…

Derecho Marítimo Third Quarter 2021 Report –Venezuela– I.NEWS This section highlights excerpts of relevant press releases and brief comments on our views regarding such. “Spanish judge bans Maduro from using 25 million euros that were blocked to CVG” A Court denied Maduro's request to use the 25 million euros blocked in Spain, that  belong to the subsidiary of Corporación Venezolana de Guayana (CVG), which were held in 3 Spanish financial institutions. Although, formally Juan Guaido's representatives have control of the company in Spain, the dispute with Maduro caused Spanish financial institutions to block the funds pending a final legal resolution. In 2019, Juan Guaido appointed Enrique Castells as President of the Ad-Hoc Administrative Board of CVG and subsequently Maduro requested the suspension of such appointment. https://talcualdigital.com/juez-de-espana-prohibe-a-maduro-disponer-de-25-millones-de-euros-bloqueados-a-la-cvg/ “US Treasury Department denied…

Derecho Marítimo Second Quarter 2021 Report –Venezuela– I.NEWSThis section highlights excerpts of relevant press releases and brief comments on our views regarding such."Citgo will have to pay over $19 million on Louisiana oil spill“Citgo Petroleum Corporation agreed to pay $19.69 million to settle federal and state claims under the Oil Pollution Act and the Louisiana Oil Spill Prevention and Response Act. Nearly 150 miles of coastline were polluted during Citgo's 2006 oil spill, including residential and marsh areas.https://www.eluniversal.com/economia/99769/citgo-pagara-mas-de-19-millones-por-derrame-de-petroleo-en-luisiana"OFAC authorizes Venezuela to execute Covid-19 related transactions“The Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) issued General License No. 39, allowing transactions related to the delivery of masks, ventilators, oxygen tanks, tests, vaccines and other COVID-19 related items.https://www.eluniversal.com/economia/99703/ofac-autoriza-a-venezuela-para-realizar-transacciones-relacionadas-al-covid19"The United States has now extended until December, the deadline…

Derecho Marítimo First QUarter 2021 Report - Venezuela- I.     NEWSThis section highlights excerpts of relevant press releases and brief comments on our views regarding such."Rosneft denies the information from Energy News Today“Rosneft denied the information published by the news portal ‘Energy News Today’, which alleged Rosneft and Repsol had resumed crude exchanges with Venezuela. On28 March 2020, Rosneft terminated its businesses with Venezuela, including the sale of their assets.https://www.elnacional.com/economia/energy-news-today- repsol-y-rosneft-retomaron-intercambio-de-crudo-por- productos-con-pdvsa/"A New York Court denied the appeal on the PDVSA 2020 Bonds“On 25 January 2021 the Court of Appeals of the Second District of New York denied the request from the CITGO bondholders to expedite the appeal. The decision allows PDVSA's ad hoc Board of Directors to continue the process under standard procedural terms as provided by law.These Bonds…

Derecho Marítimo OFAC Issues General License No. 30A which clarifies the previous designation of the Venezuelan Maritime Authority as a Specially Designated National (SDN) As reported in our Marine Newsletter to P&I Clubs dated 19 January 2021, the United States Department of Treasury through the Office of Foreign Assets Control (OFAC) included the Venezuelan Maritime Authority Instituto Nacional de los Espacios Acuáticos, commonly referred to as INEA, as an SDN on 19 January 2021. Today, two weeks following said action, OFAC issued General License No. 30A which seems to provide clarification on INEA’s designation.General License 30A “Authorizing Certain Transactions Necessary to Port and Airport Operations” dated 2 February 2021 – which entirely replaces and supersedes General License No. 30 – seems to separate the conduct of INEA as an Owner…

Derecho Marítimo The Venezuelan Maritime Authority has been added to OFAC’s Specially Designated Nationals (SDN) list On 19 January 2021, the United States Department of Treasury through the Office of Foreign Assets Control (OFAC) has updated its SDN list to include, amongst other Venezuelan related companies and individuals, the Venezuelan Maritime Authority Instituto Nacional de los Espacios Acuáticos, commonly referred to as INEA. This designation raises a series of questions regarding exposure for Members that continue to, or are considering, calling Venezuelan ports despite the existing US Sanctions programs – specifically: Executive Order (EO) 13884 dated 5 August 2019, EO 13857 dated 25 January 2019, and EO 13850 dated 1 November 2018, as well as the so-called Secondary Sanctions that have recently targeted the shipping industry worldwide. Of particular importance…

Derecho Maritimo Fourth Quarter 2020 Report –Venezuela – I.NEWS This section highlights excerpts of relevant press releases and brief comments on our views regarding such. "United States extended the protection to CITGO until mid-2021“ The U.S. Department of Treasury extended until July 2021 an order which prevents creditors of PDVSA 2020 bonds, from filling claims or performing transactions that may affect the shares of CITGO - considering that such PDVSA bonds are supported by the shares of its subsidiary CITGO. Additionally, yet another Court of the United States had previously ruled that the bonds were "valid and enforceable" if on default. https://www.elnacional.com/economia/ee-uu-extendio-proteccion-de-citgo-hasta-mediados-de-2021/ https://www.elnacional.com/economia/jueza-de-ee-uu-dictamino-que-bonos-2020-de-pdvsa-son-validos/ "PDVSA doubled its exports due to new Russian buyers“ By November 2020, Venezuelan oil exports almost doubled in comparison to previous months. The increase on the sales…

Derecho Marítimo Third Quarter Report –Venezuela – I.NEWS This section highlights excerpts of relevant press releases and brief comments on our views regarding such. "Trinidad and Tobago will survey the NABARIMA vessel, stranded in the Gulf of Paria“ The Ministry of Energy of Trinidad and Tobago and the government of Venezuela agreed to allow access to surveyors to the Nabarima, located in the Gulf of Paria. The purpose is to verify that the vessel has indeed been stabilized and that oil leaks do not pose a threat, as reported by the Venezuelan government. The Venezuelan-flagged M/V Nabarima contains about 1.2 million barrels of oil and belongs to the joint venture PetroSucre, operated by the state-owned Petróleos de Venezuela S.A. and the Italian company ENI as a minority stakeholder. https://www.elnacional.com/economia/trinidad-y-tobago-inspeccionara-el-buque-nabarima-varado-en-el-golfo-de-paria/ "Curacao…

Derecho maritimo Reporte Segundo Trimestre 2020 –Venezuela – I.NOTICIASEsta sección destaca extractos de comunicados de prensa relevantes y breves comentarios sobre nuestras opiniones al respecto.““El gobierno de Guaidó introdujo nuevas acciones legales para proteger a Citgo del régimen””Los representantes del gobierno de Juan Guaidó, comparecieron ante un Tribunal de Delaware para oponerse a la venta de las acciones de CITGO. La empresa Crystallex busca una compensación por la expropiación realizada por el Presidente Hugo Chávez en 2008 de las minas "Las Cristinas".Esta acción tuvo lugar después de que un Tribunal de Delaware casi permitiera la venta de las acciones de CITGO para satisfacer la deuda de Venezuela. El principal demandante y acreedor de las acciones es Crystallex, aunque ConocoPhillips tiene un reclamo por separado. El gobierno de Juan Guaidó depende…

Derecho Maritimo COVID-19 Venezuela: Guidelines by Maritime Authority for the mobilization of Seafarers A decision amidst the Decree of State of Alarm and based on recommendations of the International Maritime OrganizationFollowing Decree No. 4.160, published in the Official Gazette No. 6.519 dated 13 March 2020, by means of which the State of Alarm was declared to attend the COVID-19 emergency, as amended and extended, and in accordance with the recommendations made by the International Maritime Organization (IMO), the Venezuelan Maritime Authority, National Institute of Aquatic Spaces (INEA by its acronym is Spanish), issued Circular No. 14 dated April 27, 2020 named “Guidelines for the mobilization of seafarers and personnel associated with the Ship-Port interface in view of the pandemic caused by the coronavirus COVID-19 ”. This guideline includes:1.Definition of “Key…