The government also began to feel that the previous policy of awarding service contracts would not be successful because it would not provide a more viable alternative to the outright nationalization of the industry. There is lower default risk in Citgo than in PDVSA, but the difference is not enough to justify taking a yield of 10% when PDVSA's October 2015s offer an annualised yield of around 24%. Citgo's current administration has never been opposed to paying dividends to its shareholder, the company said in a statement. Major switching from oil to gas is not envisaged until 1992, after completion of the Nurgas pipeline from Anozategui to the West. Then congress Orimulsion is a rival product to coal and according to PDVSA is not intended to compete with heavy fuel oil. The opposition has moved to appoint a new board of directors for Citgo. PDVSA SERVICES | LinkedIn Following the Bolivarian Revolution, PDVSA was mainly used as a political tool of the government. PDVSA Board of Directors Treasury Targets Russian Oil Brokerage Firm for Supporting Do Sanctions Mean for Holders of Venezuela It passed two resolutions one in May 2016 and one in September 2016 challenging the power of the executive branch to proceed with the transaction and expressly rejecting the pledge of CITGO assets in the 2020 Notes. The lack of any such cases cut against giving the term a broad interpretation. The Executive Committee is the administrative body of governance immediately below the Board of Directors of PDVSA. In 2016, Venezuelas state-owned oil company, Petrleos de Venezuela, S.A. (PDVSA) approved a bond exchange whereby holders of notes with principal due in 2017 (the 2017 Notes) could exchange them for notes with principal due in 2020 (the 2020 Notes). section 1-301 of the Uniform Commercial Code. Section 1-301(c) states that if N.Y Commercial Code Section 8-110 specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law so specified. Section 8-110(a), in turn, states that [t]he local law of the issuers jurisdiction . Genesis Sabrina Ron Solano, vice The new board of directors filed a lawsuit in the Southern District of New York against the trustee and the collateral agent for the 2020 Notes. The Board of Directors shall be composed of no less than seven and no more than eleven members appointedby presidential decree for an initial term of two years, renewable for equal terms or until a new Board of Directors is appointed.
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