Global M&A trends and risks
Powerful new forces shaping in the M&A landscape
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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.
Nina Varumo is a freelance portrait and documentary photographer based in Stockholm. A recent project of hers Kvinnor till sjöss (‘Women at sea’) is on ongoing photo series highlighting the working life of female seafarers in order to change the stereotypical image of what and who is a seafarer.
Companies have been publicly reporting on their financial performance for over a hundred years. However, they are increasingly having to make public non-financial disclosures relating to sustainability and environmental, social and governance (ESG) matters as a result of rules, laws and regulations issued by stock exchanges, governments and regulators worldwide.
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