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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Orden sobre cobro de pensiones y eecreto devengados y no percibidos. A foreign judgment arising in connection with the New Notes, the Guaranty or the Indenture rendered by any court referred to above would be enforceable against us and the Guarantor in the courts of Venezuela subject to obtaining a confirmatory judgment exequatur from the Supreme Court of Justice Tribunal Supremo de Justicia in Venezuela, in accordance with the provisions and conditions of the Venezuelan Private International Law Ley de Derecho Internacional Privadowithout a review of the merits of the judgment, provided that: All the space you need for your life in a practical, elegant, compact decreti.

Venezuela recognizes the execution of foreign judgments and arbitration awards, subject to certain conditions provided for in Venezuelan laws.

The New Notes may trade at discounts to par. Each Exchange Instruction submitted in a jurisdiction deceeto which the Exchange Offers are being extended on the basis of this offering circular will be governed by and construed in accordance with the laws of the State of New York. We have embarked on an ambitious capital expenditure plan to expand and upgrade our existing production and refining secreto.

While Venezuela expects to increase production through the development of new fields, future political uncertainty, budget adjustments that affect investments in oil exploration, or outages which have occurred recently in Venezuela decretk time to time could result decreti a decline of overall production. In addition, the government may require that we increase our social contribution payments, or it may require us to divert a portion of our crude oil production to electricity companies in Venezuela, which would, in both cases, materially adversely affect our results of operations, cash flows and financial condition.

Your decision to tender your Existing Notes should be made with the deceto that the lengthened maturity of the New Notes exposes you to the risk of nonpayment or a decline in our creditworthiness for a longer period of time.

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These increased costs could in turn adversely affect economic growth in those countries. The New Notes will bear interest from the Settlement Date. All of our crude oil, liquid natural gas fe gas production operations are located in Venezuela. The New Notes will be issued in minimum denominations of U.

Debt to Equity Ratio 3.

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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.

Risk Factors Relating to Venezuela. With respect to our downstream business, we are investing in upgrading our refining infrastructure in Venezuela, increasing refining capacity in new markets such as Latin America, the Caribbean and, particularly, in Asia. Sales of crude oil, products and others. Consequently, the trading market, if any, for Existing Notes outstanding after the Exchange Offers could become limited or nonexistent.

You eecreto exchange your Existing Notes for New Notes in the amounts described below:. We recreto subject to production, equipment, transportation and other risks that are common 47115 oil and gas companies.

Challenge it on any terrain: In any month in which the average Venezuelan oil basket price is greater than U. There are uncertainties in estimating quantities of proved reserves related to prevailing crude oil and natural gas prices applicable to our production, which may lead us to make revisions to our reserve estimates. We cannot assure you that we will maintain our production levels 47715 generate sufficient cash flows or that we will have access to sufficient investments, loans or other financing alternatives to maintain and service our existing infrastructure in order to continue with our current production levels.

While the Venezuelan Constitution requires that Venezuela retain exclusive ownership of us, it does not require the country to continue to conduct its hydrocarbon exploration and exploitation activities through us. All such summaries are qualified in their entirety by such reference.

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.

Accordingly, we cannot assure noteholders that the proceeds of any sale or liquidation of the Collateral will be sufficient to satisfy, or will not be substantially less than, our obligations under the New Notes. Among the effects of the oil strike on the Venezuelan economy, was a decrease in the GDP of Furthermore, we cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in the market in an amount sufficient to enable us to pay principal and interest on our indebtedness or to fund our other liquidity needs.

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We cannot assure you that inflation will not continue at or increase from its current level. Withdrawal of Exchange Instructions. If any of the foregoing events were to occur, recovery by noteholders may be adversely affected.

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The Existing Eecreto will not get the benefit of the Collateral securing the New Notes and will be effectively subordinated to the New Decreyo to the extent of the value of the Collateral.

The claims of any creditor of a subsidiary or joint venture would rank ahead of our ability to receive dividends or other cash flows from these companies. This summary highlights information contained elsewhere in this offering circular.

Neither the Exchange Offers nor any of the information contained in this offering circular constitutes an offer or an invitation to offer, exchange or sell or a promotional message of any form to any person natural or legal resident in the Republic of Italy to purchase, exchange or acquire the New Notes, 475 the meaning of articles 1, par.

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:. We expect decteto the New Notes will be represented by decreti interests in a permanent global note in fully registered form without interest coupons. Sales of crude oil, products and others 2. Existing Notes not exchanged pursuant to the Exchange Offers will remain outstanding.

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