Reuters reported that Venezuelan President Nicolas Maduro has been “sending signals” to the Biden administration, but Washington will not ease sanctions without concrete steps toward free elections, quoting a senior White House official on Monday.

 Venezuela

Reuters reported that Venezuelan President Nicolas Maduro has been “sending signals” to the Biden administration, but Washington will not ease sanctions without concrete steps toward free elections, quoting a senior White House official on Monday. The new administration is still reviewing crippling sanctions imposed by Biden’s predecessor, Donald Trump, and Biden aides have made clear they are in no rush to relax pressure on Maduro, who they call a dictator. Theses comments appeared in response of rumours that President Joe Biden might start easing sanctions after Maduro allowed the World Food Programme to begin operating in Venezuela.
Also last week, sources in the opposition consulted by news portal Voz de América (VOA) said that a new negotiation process between the government of Nicolás Maduro and the opposition could soon begin. Sources also speculate that Norway, the US, Russia, the EU, and its International Contact Group (ICG) might support the process. Allegedly, Norway had already completed the first stage of talks with the Maduro government and the opposition, confirming a willingness to negotiate. "The regime is in a position to enter into a negotiation process, and this is what is being promoted at this time," revealed the opposition source to the VOA.

For Venezuela bonds, the de-jure and de-facto administrations disagree on how bondholders should look at prescriptions periods. On 28^th September 2020, Venezuela’s opposition-designated attorney general, appointed by National Assembly President Juan Guaido, published a statement saying that it is the view of the Guaido team that the contractual prescription period has not begun to run in respect of an overdue amount of principal or interest payable under any of the bonds issued by the government. According to the opposition government, the 10 and 3 year periods set out in the prescription clause of most Venezuela, PDVSA and ELECAR bonds will not begin to run unless and until:

            (i) the Fiscal Agent receives the full amount owed by the Republic and

            (ii) the holders have been notified of such event.

At the same time, attorney general indicated the statutory limitation period of six years under the laws of New York still applies.

This followed a statement from Maduro’s finance minister Delcy Rodriguez who highlighted that with the third anniversary for the first missed bond payment in 2017 coming soon, prescription deadlines for interests will expire and the launch on 15th  September 2020 of the Maduro conditional offer. Under the offer, bondholders would agree to renounce to rights to litigate and in exchange prescriptions deadlines would be waived.
http://www.mppef.gob.ve/comunicados-oficiales/

The Maduro conditional offer expired on 14^th March 2021 and won’t be extended again, however the government said it will keep talking with Venezuela, PDVSA and Electricidad de Caracas bondholders in order to reach agreements under the same conditions as those with whom the Tolling Agreements are entered into.

 

Credit	Type / ISIN	Indicative price (%)*
Venezuela	VENZ 13 5/8 08/15/18	10	11
Venezuela	VENZ 9 ¼ 09/15/27	10	11
Venezuela	VENZ 7 3/4 10/13/19	9.5	10.5
Venezuela	VENZ 6 12/09/20	9.5	10.5
Venezuela	VENZ 12 3/4 08/23/22	10	11
Venezuela	VENZ 9 05/07/23	9.5	10.5
Venezuela	VENZ 8 1/4 10/13/24	9.5	10.5
Venezuela	VENZ 7.65 04/21/25	9.5	10.5
Venezuela	VENZ 11 3/4 10/21/26	10	11
Venezuela	VENZ 9 1/4 05/07/28	9.5	10.5
Venezuela	VENZ 11.95 08/05/31	10	11
Venezuela	VENZ 9 3/8 01/13/34	9.5	10.5
Venezuela	VENZ 7 03/31/38	9.5	10.5
Venezuela	ICSID Claims	Call desk for Prices
PDVSA	PDVSA 8 1/2 10/27/20	25	28
PDVSA	PDVSA 9 11/17/21	4.5	5.5
PDVSA	PDVSA 12 3/4 02/17/22	4.5	5.5
PDVSA	PDVSA 6 10/28/22	4.5	5.5
PDVSA	PDVSA 6 05/16/24	4.5	5.5
PDVSA	PDVSA 6 11/15/26	4.5	5.5
PDVSA	PDVSA 5 3/8 04/12/27	4.5	5.5
PDVSA	PDVSA 9 3/4 05/17/35	4.5	5.5
PDVSA	PDVSA 5 1/2 04/12/37	4.5	5.5
PDVSA	Promissory Notes	Call desk for Prices
PDVSA	Trade Receivables	Call desk for Prices

* Indicative price for positions with institutional size only. For smaller sizes please call desk 

 

Argentina

Argentina is looking to add a clause in the potential agreement with the IMF to replace the current $45bn Stand-By Arrangement (SBA) program with an Extended Fund Facility (EFF) that would allow the revision of the EFF deal in case the IMF amends the EFF’s terms and conditions in the future, Ambito Financiero reported last week. The EFFs have a repayment period of 10 years. If the IMF makes any changes to that condition in the future, Argentina would be able to renegotiate the EFF’s maturity, the Spanish-language article noted.
The Province of Buenos Aires (PBA) has extended the deadline for creditors to respond to its debt restructuring proposal to 7^th  May 2021. Also the Minister of Finance Pablo López said that the province will announce in the next few weeks terms and conditions to amend the proposal but creditors would need to show greater flexibility, the Ambito Financiero reported. As a reminder some creditors filed lawsuits in the US after negotiations with the Province failed to improve, also some creditors threatened to accelerate the bonds in case the Province doesn’t show willingness to improve terms of the proposal.

Credit	Type / ISIN	Indicative price (%)
IMPSA	IMPSA 7 ½ 12/30/25	Call desk for Prices
Argentina	ARGENT 0 1/8 07/09/30	35,5	36
Argentina	ARGENT 8.28 12/31/33	47,1	56,5
Argentina	ARGENT 7 1/8 06/28/17	40,7	44,6
Argentina	ARGENT 3 3/4 12/31/38	38,3	47,7
Argentina	ARGENT 5 7/8 01/11/28	39,3	49
Argentina	ARGENT 1 07/09/29	36,7	39,2
Argentina	ARGENT 3.38 12/31/38	38,5	43,7
Argentina	ARGENT 7 1/2 04/22/26	45,5	49
Argentina	ARGENT 6 7/8 04/22/21	47,9	49,5
Argentina	ARGENT 7.82 12/31/33	42,6	49,5
Argentina	ARGENT 5 5/8 01/26/22	42,2	48,5
Argentina	ARGENT 0 1/8 07/09/35	31,2	32,3
Argentina	ARGENT 6 7/8 01/26/27	42,1	45,9
Argentina	ARGENT 6 7/8 01/11/48	42,1	47,1
Argentina	ARGENT 0 1/8 01/09/38	37,1	37,9
Argentina	ARGENT 0 1/8 07/09/46	31,1	32,1
Argentina	ARGENT 4 5/8 01/11/23	42	51,3
Provincia de Buenos Aires	BUENOS 7 7/8 06/15/27	42,9	44,4
Provincia de Buenos Aires	BUENOS 9.95 06/09/21	45,7	47,9
Provincia de Buenos Aires	BUENOS 6 1/2 02/15/23	34,3	41,1
Provincia de Buenos Aires	BUENOS 4 05/15/35	40,4	45,5
Provincia de Buenos Aires	BUENOS 9 5/8 04/18/28	41,6	45,4
Banco Macro	BMAAR 6 3/4 11/04/26	78,3	80,9
Galiar	GALIAR 8 1/4 07/19/26	89	90,5
Pampa Energia	PAMPAR 9 1/8 04/15/29	84,1	86,2
YPF	YPFDAR 8 1/2 07/28/25	71,4	72,8
YPF	YPFDAR 8 3/4 04/04/24	81	82,7
YPF	YPFDAR 6.95 07/21/27	59,7	62,3
YPF	YPFDAR 7 12/15/47	55,9	58,4
YPF	YPFDAR 8 1/2 06/27/29	62,5	64,5
*For any other bonds please call desk for prices

* Indicative price for positions with institutional size only. For smaller sizes please call desk

 

PDVSA verwaltet Investitionen in Höhe von 76.740 Millionen US-Dollar, bei denen private Parteien einen Vertraulichkeitsvertrag unterzeichnen müssen

Die Pläne in den Joint Ventures belaufen sich auf 45.585 Millionen Dollar (Foto PDVSA)

Petróleos de Venezuela (PDVSA) hat über die Vizepräsidentschaft für Planung und Ingenieurwesen einen Geschäftsplan erstellt, der auf der Anwendung des konstitutionellen Antiblockierungsgesetzes basiert, um nationales und ausländisches privates Kapital anzuziehen, das es ermöglicht, ein Rohölproduktionsvolumen von zu erreichen 1 8 Millionen Barrel pro Tag im Dezember 2021, von denen die Hälfte aus dem Orinoco-Gürtel stammen wird. Ziel ist es auch, Raffinerien wiederzugewinnen, die Verbrennung oder Entlüftung von Erdgas zu verringern und die Kraftstoffverteilung zu verbessern.
Der Gesamtbetrag des Plans beläuft sich auf 76.740 Millionen US-Dollar, von denen 90,2% (in absoluten Zahlen 69.269 Millionen US-Dollar) für vorgelagerte Unternehmen - Exploration und Produktion - bestimmt sind, hauptsächlich für die Rückgewinnung in bestehenden Joint Ventures in der Größenordnung von 45.585 Millionen Dollar.
Laut dem Dokument, das den Anlegern im vergangenen Februar vorgelegt wurde, hätte die Produktion im März 752.000 Barrel pro Tag betragen sollen, und im April sollte sie in der Größenordnung von 906.000 Barrel pro Tag liegen, Zahlen, die im Fall der ersteren nicht dem entsprechen offiziell gemeldet. für 1,813 Millionen
Der Plan sieht vor, dass die Vertreter privater Unternehmen eine Absichtserklärung, eine Absichtserklärung mit PDVSA und eine Vertraulichkeitsvereinbarung unterzeichnen müssen, die die Berichterstattung über die auszuzahlenden Beträge sowie die Modalitäten der Vereinbarung oder des Geschäftsplans verhindert ist mit der staatlichen Gesellschaft unterzeichnet.
In Bezug auf die Bereiche, die direkt mit PDVSA korrespondieren, wird erwogen, diese durch Verträge, sogenannte Shared Services Agreements, die den in den 90er Jahren des letzten Jahrhunderts genehmigten Betriebsvereinbarungen, so genannten Operating Agreements, ähnlich sind, an private Parteien zu delegieren die Größenordnung von 12.414 Millionen Dollar.
Die Erschließung von Erdgas ist ebenfalls Teil der vorgelagerten Projekte in Höhe von 11.270 Millionen US-Dollar, die neben Explorationsaktivitäten und dem Beginn der Produktion des Drachengebiets in auch die Ausbeutung auf dem Territorium sowie vor der Küste umfassen die Grenze zu Trinidad und Tobago

 Energy

Venezuela's oil exports stabilize at 700,000 bpd after stock drain -data

Marianna Parraga

3 minute read

An oil tanker is docked while oil is pumped into it at the ships terminal of PDVSA's Jose Antonio Anzoategui industrial complex in the state of Anzoategui April 15, 2015. REUTERS/Carlos Garcia Rawlins

Venezuela's April oil exports were flat at about 700,000 barrels per day (bpd) for the third month in a row, with three-quarters of its shipments headed to Asia and the Middle East, according to tanker tracking data and documents from state-run Petroleos de Venezuela.

PDVSA's exports have stabilized in recent months following a sharp decline between late 2020 and early 2021 caused by U.S. orders to halt oil swaps that had allowed the exchange of Venezuelan crude for imported fuel.

A total of 25 cargoes set sail from Venezuelan waters last month, carrying 688,533 bpd of crude and fuel mainly to China, Malaysia and the United Arab Emirates. Exports to Europe fell to a single cargo of 110,000 barrels from two to three cargoes in previous months, the data and documents showed.

April volumes represented a 19% drop from the same month a year ago.

[For a graphic on Venezuela's monthly oil exports since 2020, click on: https://graphics.reuters.com/VENEZUELA-OIL/EXPORTS/xegpbqdzjvq/]

PDVSA and Venezuela's oil ministry did not immediately respond to requests for comment.

After exhausting most stocks of Merey and upgraded crude grades in April, PDVSA is preparing to restart two of its four upgraders, which in total are capable of converting over 600,000 bpd of extra heavy crude from the Orinoco belt into exportable grades.

The restarts could allow PDVSA to boost output from the Orinoco, the country's main producing region, while supplying more of its lightest grades to domestic refineries for motor fuel production. The lack of lighter oils has led to shortages of gasoline and diesel.

Among the exported cargoes this month, PDVSA sold a 991,000-barrel cargo of Corocoro crude, oil that had remained stored for over a year at the Nabarima floating facility, operated by the state firm and Italy's ENI (ENI.MI), the documents showed.

PDVSA also exported about 55,000 bpd of crude and fuel to its political ally Cuba, according to the data. Venezuela maintained imports within the range of previous months, of about 30,000 bpd.

Our Standards: The Thomson Reuters Trust Principles.

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