Citgo asks PDVSA for $100M for Aruba refinery renovation

September 21, 2016 9:53 PM
ORANJESTAD - Citgo Petroleum, the U.S. subsidiary of Venezuela’s state-owned PDVSA, is reportedly seeking $100 million from its parent company to kick-start initial funding for its planned $685 million refinery renovation project in Aruba.
 
The refiner plans to refurbish and restart operations at its idled 235,000-barrel-per-day (BPD) refinery and operate an attached terminal under a 25-year lease contract, Kallanish Energy notes.
 
On Tuesday, sources told Reuters the company’s Citgo Aruba Refining unit expects to receive bids tomorrow for the restoration project. The first of two crude units would be restarted in mid-2017, they said.
 
One source said PDVSA is yet to transfer the $100 million loan to Citgo, which has, in the meantime, been trying to raise private financing to initiate its project.
 
On Monday, ratings agency S&P Global Ratings downgraded PDVSA, claiming its planned voluntary bond swap could be “tantamount to default.”
 
The troubled state-oil firm is offering to swap $7 billion of bonds maturing in April and November of 2017, for new 8.5% notes with payments staggered over the next four years. The offer expires on Oct. 14.
 
PDVSA’s CEO, Eulogio Del Pino, has said most of the three rating agencies briefed on the swap were positive about the offer. He added the creditors who decide not to participate in the tender will still be paid in full and on time.

Lawyer Roeland Zwanikken considers legal action against ABN AMRO Bank

May 08, 2021 6:14 PM
THE HAGUE--Attorney-at-law Roeland Zwanikken at St. Maarten’s BZSE law office is considering legal action against the intention of the Dutch ABN AMRO Bank to close the bank accounts of its clients in the Dutch Caribbean.

Fiscaal onderzoek bij notariskantoren vinden doorgang

May 07, 2021 8:04 AM
In het Antilliaans Dagblad: Fiscaal onderzoek bij notariskantoren
WILLEMSTAD – De fiscale onderzoeken bij de notarissen vonden en vinden, ondanks de beperkingen van Covid-19, weer doorgang en de medewerking aan de kant van notarissen en adviseurs is daarbij ‘over het algemeen goed’.

Juridische miljoenenstrijd tussen BNP Paribas en Italiaanse prinses verhardt

February 22, 2021 4:51 PM
  • Bezit van Italiaanse Crociani-familie op Curaçao mag van rechter worden verkocht
  • De Crociani's ruziën al jaren met BNP Paribas over een claim van $100 mln
  • Curaçaos trustkantoor United Trust heeft 'geen enkele relatie meer' met Camilla Crociani
Een Italiaanse prinses met zakelijke belangen in Nederland heeft het onderspit gedolven bij diverse rechtbanken in een langslepend conflict met zakenbank BNP Paribas.