DECRETO 4715 DE 2010 PDF

Decreto de 18 de abril de por el que se crea la Caja Nacional del Seguro de Vejez e Invalidez, preparando un .. National Policy on HIV and AIDS in the World of Work in Sri Lanka, Adoption: | LKAL According to the Decreto con Rango, Valor y Fuerza de Ley de Instituciones del On October 15, , PDVSA entered into a purchase agreement with. 4, 2, 3, 4, 3, .. Real Decreto.

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In the Netherlands, the New Notes may only be offered to qualified investors gekwalificeerde beleggers within the meaning of section 1: In such case, regardless of a U. Risk Factors Relating to our Business.

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In our upstream operations, we are focused primarily on completing the quantification of our proved reserves of crude oil in the Orinoco Oil Belt, increasing the overall recovery factor of crude oil by improving existing technology, continuing the development of extra-heavy crude oil projects through new joint ventures with selected partners, and increasing the availability and industrialization of gas, particularly in our offshore reservoirs. The combination of reduced refining margins, particularly for deep conversion capacity refiners, stringent environmental requirements, and a depressed economy with a weak demand for refined products, have caused many businesses to cease operations.

By tendering Existing Notes pursuant to the Exchange Offers, Holders will be deemed to have agreed that the delivery and surrender of the Existing Notes is not effective, and the risk of loss of the Existing Notes does not pass to the Exchange Agent, until receipt by the Exchange Agent of a properly transmitted Exchange Instruction, together with all accompanying evidences of authority and any other required documents in form satisfactory to PDVSA.

PDVSA is inviting any decgeto all holders of the Existing Notes to tender their Existing Notes in Exchange for newly issued New Notes on the terms and subject to the conditions set forth in this offering circular. It is expected that the New Notes will be credited to the accounts 4175 tendering holders on or promptly after the Settlement Date. Our business depends substantially on international prices for oil and refined petroleum products and such decreeto are volatile.

Information contained on our website is not part of this offering circular. Our production of liquid natural gas averaged mbpd inas compared to mbpd in Other facilities agreements 3. Our consolidated financial results depend primarily on the volume of crude oil we produce and the price levels for hydrocarbons. Prices of oil and refined petroleum products are cyclical and highly volatile and have, historically, fluctuated widely due to various factors that are beyond our control, including:.


All announcements and amendments to the documents will be made available via the information agent website: Early Tender Deadline; Expiration Date. The market value of securities of Venezuelan companies, including us, is affected to varying degrees by economic and market conditions in other Latin American and developing countries. Excluding operating service agreements 3. Termination, Amendments and Extensions.

Our respective businesses, financial condition, results of operations and ability to satisfy our obligations under the New Notes could be materially adversely affected by any of these risks. If we are not able to adequately raise, deploy and invest the necessary capital to expand our existing refining and exploration infrastructure, our business may be materially and adversely affected.

Accordingly, you should not tender any Existing Notes that you do not wish to have accepted for exchange by us.

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This decrease was mainly due to effect of the legislation and related measures passed to prevent the smuggling and extraction of fuel, which reduced sales in border cities. Las disposiciones tratan en particular del nacimiento y efectividad del derecho a asistencia sanitaria.

Production tax, extraction tax and other taxes. The New Notes have not been and will not be registered under the U. We maintain insurance to cover certain losses and exposure to liability in order to protect our assets, operations and liability to third parties.

As a result, claims of these creditors would rank ahead of our ability to access cash or other assets from these companies in order to satisfy our obligations under the New Notes. We will bear the expenses of soliciting tenders of the Existing Notes. The principal amount of New Notes you will receive pursuant to the Exchange Offers will be rounded downwards to the nearest integral multiple of U. The following table presents our selected consolidated financial and operating information as of the dates and for each of the periods indicated.

The average sale export price of the Venezuelan crude oil basket was U.

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We plan to invest in upstream and downstream projects in Venezuela and abroad in order to satisfy the current and expected global increase in energy demands.


Except as disclosed above, there has been no material change to our capitalization since December 31, Copies of documents referred to herein will be made available to prospective investors upon request to us.

Results for and have not been restated to reflect results from Discontinued Operations as required by IFRS, and remain as originally presented in the respective year.

Trends Affecting our Business. Our operations are conducted mainly in the international market for crude oil and refined petroleum products. The Issuer will also announce the aggregate principal amount of Existing Notes accepted for purchase which may be zero and the aggregate principal amount of Existing Notes remaining outstanding following the completion of the Exchange Offers, which will all be subject to the satisfaction or waiver of the conditions set forth herein on or before the Settlement Date.

The proceeds from the sale of the Collateral may not be sufficient to satisfy all our obligations under the New Notes. Withdrawal of Exchange Instructions. Index of Defined Terms. Under Venezuelan law, the hydrocarbon reserves that we develop and operate belong to Venezuela. We have made no determination that the consideration to be received in the Exchange Offers represents a fair valuation of either the Existing Notes or the New Notes. This decrease was primarily due to a decrease in the average export price of the Venezuelan basket.

We are subject to numerous environmental and health regulations in the locations where we conduct operations, particularly in the United States and Venezuela, that may become more stringent and result in increased liabilities and increased capital expenditures. Any questions concerning the terms of the Exchange Offers should be directed to the Issuer at the telephone numbers listed on the back cover page of this offering circular.

Likewise, this system established two types of operations based on the amount to be offered or bought in the relevant transaction: As of June 30,the Issuer and the Guarantor had total indebtedness of U. For a summary of the material U.

We may in the future purchase Existing Notes at different prices.