Latest news with #MariannaParraga
Yahoo
7 days ago
- Business
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Chevron-chartered tanker docks at Venezuela to load oil after new US license
By Marianna Parraga and Arathy Somasekhar HOUSTON (Reuters) -A Chevron-chartered tanker docked at Venezuelan state company PDVSA's Jose terminal on Tuesday, positioning it to be the first to export crude to the United States under a new license Chevron received in July, LSEG tracking data showed. The U.S. Treasury Department late last month authorized Chevron to operate in the sanctioned OPEC nation again, export its oil and do swaps with PDVSA through a restricted license banning any payments to Venezuela's government. Chevron suspended loading of Venezuelan crude in April ahead of its prior license's expiration on May 27. The Bahamas-flagged tanker Canopus Voyager arrived in Venezuelan waters last week and will load Hamaca heavy crude, which is produced by a joint venture between Chevron and PDVSA. At least five other vessels that Chevron had used to transport Venezuelan crude to the U.S. were near or navigating toward the South American country's waters on Tuesday, the LSEG data showed. Vessel MediterraneanVoyager was near the Bajo Grande port in Venezuela's western region waiting for authorization to load Boscan heavy crude, while Nave Cosmos, Sea Jaguar, Ionic Anax and Nave Neutrino signaled Aruba, a popular location for ship-to-ship transfers of Venezuelan crude, the LSEG data showed. Chevron did not reply to questions about the tankers, instead saying that it conducts business in compliance with laws, and sanctions frameworks. PDVSA did not immediately reply to a request for comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
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Chevron-chartered tanker docks at Venezuela to load oil after new US license
By Marianna Parraga and Arathy Somasekhar HOUSTON (Reuters) -A Chevron-chartered tanker docked at Venezuelan state company PDVSA's Jose terminal on Tuesday, positioning it to be the first to export crude to the United States under a new license Chevron received in July, LSEG tracking data showed. The U.S. Treasury Department late last month authorized Chevron to operate in the sanctioned OPEC nation again, export its oil and do swaps with PDVSA through a restricted license banning any payments to Venezuela's government. Chevron suspended loading of Venezuelan crude in April ahead of its prior license's expiration on May 27. The Bahamas-flagged tanker Canopus Voyager arrived in Venezuelan waters last week and will load Hamaca heavy crude, which is produced by a joint venture between Chevron and PDVSA. At least five other vessels that Chevron had used to transport Venezuelan crude to the U.S. were near or navigating toward the South American country's waters on Tuesday, the LSEG data showed. Vessel MediterraneanVoyager was near the Bajo Grande port in Venezuela's western region waiting for authorization to load Boscan heavy crude, while Nave Cosmos, Sea Jaguar, Ionic Anax and Nave Neutrino signaled Aruba, a popular location for ship-to-ship transfers of Venezuelan crude, the LSEG data showed. Chevron did not reply to questions about the tankers, instead saying that it conducts business in compliance with laws, and sanctions frameworks. PDVSA did not immediately reply to a request for comment.
Yahoo
10-07-2025
- Business
- Yahoo
Holders of Venezuelan bond ask New York court to protect their rights
By Marianna Parraga (Reuters) -Holders of a key bond defaulted by Venezuela's state oil company PDVSA asked a New York judge on Thursday to ensure they can claim compensation from proceeds expected in an auction of shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum. The holders' case in New York about the validity of their claim against Venezuela has not been resolved, but if they secure an injunction in the meantime, they could ultimately block the transfer of shares in Citgo's parent PDV Holding to the auction's winner. A $7.4 billion bid for PDV Holding submitted by a group led by a unit of miner Gold Reserve was recommended last week as the auction's winner by a court officer overseeing the bidding round in Delaware. The court-organized auction aims to pay back Venezuela's creditors after the South American country's debt defaults and expropriations. But contrary to some competing offers, the Gold Reserve group's bid does not include an agreement to pay the bondholders. The holders are getting ready to move with an injunction if the Gold Reserve group's offer is ultimately approved in Delaware under the proposed terms. "We don't want to interfere with the sale," Christopher Clark, who represents the holders, told Judge Katherine Polk Failla from the Southern District of New York, in a court hearing. "All we are trying to do is to protect our rights. Delaware is not the proper forum for that." Federal Judge Leonard Stark must decide whether to approve the recommended bid in coming weeks. Stark had anticipated that the bondholders' opposition to the Gold Reserve group's proposed transaction for Citgo's parent could lead to increased litigation in the 8-year case, which saw a failed first bidding round last year. In late June, lawyers representing the holders told Polk Failla they would seek relief, including through an injunction, to preserve their status quo while the New York court decides on their case. The hearing on Thursday was to explain the planned injunction request. Sign in to access your portfolio
Yahoo
11-06-2025
- Business
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US judge extends Citgo auction's schedule, moves final hearing to August
By Marianna Parraga HOUSTON (Reuters) -A U.S. judge in Delaware has extended the schedule for a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, moving the sales process's final hearing to August 18, according to a filing on Wednesday. The eight-year court case, aimed at compensating creditors for debt defaults and asset expropriations in Venezuela, has endured multiple delays. A first bidding round last year failed to satisfy most of the companies expecting to cash proceeds. Houston-based Citgo, ultimately owned by Venezuela's state oil company PDVSA, is the seventh-largest U.S. refiner. Earlier this year, a $3.7-billion offer by Contrarian Funds' affiliate Red Tree Investments was selected by the court as a starting bid in the second bidding round. The offer includes an agreement to pay holders of a Venezuelan defaulted bond. Red Tree and rival bidders have until June 18 to submit improved offers. A court officer overseeing the auction last month said new bidders were expected to emerge. The new calendar, approved after lawyers representing Venezuela requested more time for due diligence and to secure robust bids, sets July 2 as the deadline for a judge to recommend the auction's winner, with a period for submitting objections through July 9. Judge Leonard Stark is trying to avoid long delays in the last part of the sales process by moving deadlines only at bidders' request. Once confirmed, the auction's winner will need approval by the U.S. Treasury Department, which has been protecting Citgo from creditors since 2019. "While heightened investor engagement may marginally delay the auction hearing, Judge Stark remains on course to finalize proceedings by late Q3 2025," said consultancy Aurora Macro Strategies in a report last week. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
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List of bidders in Citgo auction narrows, remaining groups to sweeten terms
By Marianna Parraga HOUSTON (Reuters) -Groups led by affiliates of Contrarian Funds, Gold Reserve and Vitol are working on improved offers for the parent of Venezuela-owned refiner Citgo Petroleum as the list of potential bidders narrows, sources close to the preparations said. The three consortia, which participated in an earlier competition for setting a starting bid, have been in talks with banks to secure the financing needed for their offers in the court-organized auction of shares. They are also working to provide assurance they can deliver the proposed terms to complete the deal, known as "certainty of closure," the sources said. A fourth bidder in the starting round in March, an affiliate of Elliott Investment Management, is not expected to submit an offer in this phase of competition, a source familiar with the decision said, citing legal risks. The Delaware court has been trying to auction Venezuela's most prized overseas asset since 2017 to pay up to $20.6 billion to 16 creditors for debt defaults and expropriations in the South American country. The government of President Nicolas Maduro has said the process constitutes the "robbery" of a sovereign asset. Houston-based Citgo, ultimately owned by Venezuela's state oil company PDVSA, is the seventh-largest U.S. refiner. A $3.7-billion offer by Contrarian Funds' Red Tree Investments was approved by Delaware Judge Leonard Stark in April as a starting bid. The investment firm and its rivals have until May 28 to submit improved offers. Following a June 11 deadline for a court officer to select a winner, a final hearing in the auction of shares in PDV Holding, one of Citgo Petroleum's parents, is scheduled for July 22. The consortia still have time to tune up offers or decide against bidding. A ruling earlier this week by a New York court dismissing arguments by some companies that could have allowed them to jump the line of creditors established in Delaware could lead to changes in some bids, the sources said. FIERCE COMPETITION Robert Pincus, the court officer appointed by Stark to oversee the auction, last year selected a $7.3-billion offer by Elliott affiliate Amber Energy as the winner of the first bidding round. But most creditors registered in the auction ultimately rejected the proposal due to conditions preventing the distribution of proceeds. Pincus, who is being advised by investment bank Evercore, this time selected Red Tree's lower offer to kick off the bidding round due to what he described as its higher certainty of closure, and as a mechanism to encourage "robust competition." The bid includes a separate $3 billion to settle liabilities, mostly payments to Venezuela-linked bondholders, and up to $1.5 billion in notes to pay junior creditors, depending on Citgo's performance. Red Tree for the first time reached a payment agreement with holders of a defaulted Venezuelan bond collateralized with Citgo equity, which would remove a key obstacle to distributing proceeds from the auction to other creditors. The selection of Red Tree's bid as a starting offer unleashed a new battle among creditors, with some at the top of a priority list to cash proceeds supporting it because they would secure payments. Others further down the list said it was too low, with some arguing that a rival $7.1-billion offer by Gold Reserve's consortium should have been chosen. Though Stark has directed that price should be prioritized over certainty of closure when the court officer recommends a winner next month, Red Tree's agreement with the bondholders has prompted others to seek similar deals, the sources said. To bolster their ability to close a deal, the consortia have retained banks to structure and improve their financing. Red Tree is trying to improve all aspects of its starting bid, a source close to its preparations said, while other consortia are working to boost their financing or coverage of junior creditors. The firm is "confident in the bid's price and certainty of closing," the person said of Red Tree's offer. Gold Reserve, Vitol, Amber Energy, Red Tree and a firm representing holders of the Venezuelan 2020 bond declined to comment. Citgo and boards supervising the refiner did not reply to requests for comment. BAD TIMING? Citgo lost $82 million in the first quarter due to weak margins, marking its second consecutive loss. Its liquidity, a key metric for bidders, fell to $2.1 billion at the end of March from $3.8 billion in December. The company's net profit plummeted to $305 million in 2024 from about $2 billion the previous year. The refiner's recent performance and separate lawsuits in U.S. courts in pursuit of the same assets could limit the size of the bids, analysts have said. Lawyers representing Venezuela are fighting in Delaware for a floor price to be set, so Citgo's assets are not auctioned for a fraction of their value, which court advisers calculated at $11 billion to $13 billion. The process's complexity is also expected to make it difficult for Pincus to set clear evaluation criteria acceptable to the judge and most creditors, which could lead to new battles and delays. The auction's winner must be approved by the U.S. Treasury Department, which has protected Citgo from creditors in recent years.
