Brazil’s Supreme Court made a provisional decision by suspending the 8.5 billion reais (approximately $1.7 billion) fine imposed on the construction company Odebrecht due to its involvement in corruption cases.

Judge José Antonio Dias Toffoli questioned the circumstances that led Odebrecht, a key player in the Lava Jato operation, to accept a collaboration agreement with the Prosecutor’s Office that entailed the payment of this large fine.

In his ruling, the judge stated that there was at least a “reasonable doubt as to the requirement of voluntariness” on the part of the company when signing the agreement that resulted in the imposition of the penalty. In addition, he pointed out that Odebrecht must have the “conditions to evaluate whether illegalities were committed.”

Dias Toffoli referred to the revelations that emerged in the context of Operation Spoofing, which exposed questionable exchanges of messages between then judge Sergio Moro and prosecutor Deltan Dallagnol related to the conduct of Operation Lava Jato.

The court document also mentions the possibility of “collusion” between the trial judge and the prosecuting body, with the aim of creating a “legal-procedural scenario” that favours the bodies involved rather than protecting the rights of the defence.

This decision follows an application by the company, which changed its name to Novonor following the outbreak of the scandal. Novonor seeks to analyze the documents related to the Spoofing operation in order to be able to “re-evaluate” the previously established agreements.

As a result of this scandal and the loss of contracts, the company was forced to start a legal restructuring process in 2019, due to a debt estimated at R$80 billion.

K. Tovar

Source: Bancaynegocios

(Reference image: @NewsLiberdade. X)

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Among the production objectives of the Venezuelan oil company PDVSA are plans to “restart drilling after five years of inactivity, even before the relaxation of sanctions,” as leaked by Reuters.

In this sense, the president of the oil company, Pedro Tellechea, has indicated that Venezuela is focused on reactivating 27,966 wells located in the oldest oil region in the territory, in the state of Zulia.

According to Tellechea, this could represent 1.7 million barrels per day (bpd) in national production. “However, experts note that to achieve such a drastic increase from this year’s 780,000 bpd production, PDVSA and its partners could need up to a decade of hard work and sustained investment.”

As an aspect against these expectations are the reports from Baker Hughes, which specify that the South American country only has “one active drilling platform of the more than 80 units that were operational in 2014.”

However, according to the Reuters agency, Pdvsa began negotiations with local and foreign oil companies in order to contract equipment and services that will allow it to reactivate the oil zone in the state of Zulia, where inactive SLB (former Schlumberger) equipment stands out. , Nabors Industries and Evertson International.

In this shift to reactivate inactive wells, the Venezuelan oil company is also considering the east of the country, since before the Barbados agreement, with temporary relief from some sanctions, PDVSA has been trying to recover wells and platforms in the southern part of the Anzoátegui state.

M.Pino

Source: bancaynegocios

(Reference image source: Zachary Theodore, Unsplash)

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The president of Venezuela, Nicolás Maduro, demanded this Monday from the United States the return of the Citgo oil company, as well as the net profit deposits in banks in that country, which are around US$ 4 billion.

The request was made by the Venezuelan president during the reading of a drop in the oil company’s net profit, estimated at 59.45% during the second quarter.

Maduro insisted that the company was kidnapped by the United States government, violating the rights of investors. He stressed that what they have done to Venezuela “is something that can be applied to any country in the world at any time.”

According to data presented by Maduro, Citgo “gives at least one billion dollars of annual net profit.” In addition, “the company has accumulated 4 billion dollars from these years of kidnapping 2019, 2020, 2021, 2022, and this year 2023.”

It is important to note that this Monday, the giant ExxonMobil as well as 19 other creditors to whom Venezuela owes money went to a US federal court to deliver their claims. Said court will initiate an “auction of shares of PDV Holding, one of the parents of the refinery based in Houston Citgo Petroleum (PDVSAC.UL)”.

M.Pino

Source: eluniversal

(Reference image source: Delfino Barboza, Unsplash)

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The Italian oil company Eni announced the opening of bank accounts in euros and items in the Russian financial entity Gazprombank in order to carry out the necessary transactions for the supply of Russian gas and thus comply with the new regulations required by Moscow.

These guidelines consist of “opening an account in the currency provided for in the contract, making a payment in that currency and making a statement saying that this is how the payment for the gas delivery in question is closed,” said the European official.

According to the information provided by the company, “the payment obligation can be fulfilled by transferring euros and this procedure should not be incompatible with the sanctions imposed by the European Union (EU) against Russia in response to the invasion of Ukraine.”

The Eni oil group, controlled by 30.3 % of its shares by the Italian State, stressed that the Russian authorities have guaranteed that “invoicing and payment will continue to be made in euros”, as it is the currency established in the contracts and in within 48 hours a financial operator will make the change to rubles, without the intervention of the central bank of Russia.

Payment for Russian gas in stages

As will be recalled, the European Commission recommended not to open accounts in currencies other than those established in the contracts. The opening of an account in rubles would be violating the sanctions established against Russia for its invasion of Ukraine.

In principle, the Russian government established that countries interested in acquiring gas must pay in items. But a new Kremlin decree introduced a two-stage payment method consisting of two phases. First, making the payment in the currency of the contract, that is, dollars or euros, in a Russian bank. The second phase is to convert that money into rubles in an account of the same institution.

With this new procedure, the Russian central bank does not intervene in financial transactions, for which the sanctions established by the United States and the European Union will not be violated.

M. Rodríguez

Source: swissinfo.ch

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This week the state company, Petróleos de Venezuela (PDVSA), acquired 100% of the shares of the company Petrocedeño, one of the most powerful mixed groups in Latin America.

Through his account on the social network Twitter, the Minister of Petroleum and president of PDVSA, Tareck El Aissami, wrote that “after an extraordinary negotiation, we have acquired 100% of the shares of the Petrocedeño crude improvement complex.”

In a statement published on its website and disseminated on social networks, the oil company confirms that the Venezuelan Petroleum Corporation (CVP), a subsidiary of PDVSA, is now the absolute owner of the shares.

Luego de una extraordinaria negociación, hemos adquirido el 100% accionario del complejo mejorador de crudo PETROCEDEÑO!! Esta operación, enmarcada en la estrategia de SOBERANÍA ENERGÉTICA, favorece a nuestra poderosa industria PDVSA y al pueblo venezolano!! SEGUIMOS VENCIENDO!! pic.twitter.com/GxVU5ZrZnY

— Tareck El Aissami (@TareckPSUV) July 29, 2021

In an extract from the note, it can be read that the “CVP assumes the participation of the Petrocedeño company, after a highly successful negotiation process with the companies TotalEnergies and Equinor, which grants it full sovereignty over this Venezuelan company.”

K. Tovar

Source:  elsumario

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