Publication
US/Ukraine minerals deal: Digging into the detail
The United States and Ukraine governments have announced the signature of an agreement of a minerals deal for Ukraine.
Global | Publication | December 2017
The Ministry of the People’s Power of Petroleum published Resolution N° 164 whereby it established a “Regime to Review and Validate National and/or International Contracts Entered Into by PDVSA, its Affiliates and Mixed Companies Where PDVSA Holds Shares” (the Resolution), which was published in Official Gazette N° 41,294 of December 6, 2017, and targets executed contracts currently in force and contracts to be executed.
Regarding national and international contracts already executed by Petróleos de Venezuela, S.A. (PDVSA), its affiliates and mixed companies where PDVSA holds shares that are currently in force:
Regarding national and international contracts to be executed by PDVSA, its affiliates and mixed companies where PDVSA holds shares:
Additionally, we highlight that the legal framework on internal delegation of PDVSA, its affiliates and mixed companies shall no longer be legally effective, with the office of the PDVSA president now being entitled to issue new rules on authority level on administrative and financial matters.
Finally, labour contracts, public service contracts with public or private companies, and contracts signed with the Venezuelan public sector are excluded from the scope of the Resolution.
Publication
The United States and Ukraine governments have announced the signature of an agreement of a minerals deal for Ukraine.
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