Case No. VENEZUELA-2018-350981-1

Date issued: Mar. 09 2018

You've hit a wall. Sign in if you have an account, or learn more about TURBOFAC and subscription options.
TURBOFAC is a module of the compliance platform OverRuled. To learn more about OverRuled, visit www.overruled.com.

TURBOFAC Commentary (1127 words)

Notes:

Rare Notable "Owned or Controlled" and "Instrumentality" Determinations

1) "Petrojam Limited" (Petrojam) is a Jamaican company that operates Jamaica’s only oil refinery (or at least was as of the date of the issuance of the letter). According to the 2017-2018 publicly available Petrojam annual report, in 2006 there was an "[a]greement signed between the Governments of Jamaica and Venezuela for PDV Caribe to purchase 49% shares in the refinery" (p. 13 of https://www.petrojam.com/wp-content/uploads/2020/12/par_2018.pdf).

This is consistent with the portion of the guidance letter conveying that "Petrojam [was] 49 percent owned by PDV Caribe, a wholly owned subsidiary of PdVSA," and that "the Petroleum Corporation of Jamaica [held] the remaining 51 percent of Petrojam's shares". The Petrojam board of directors comprised six members, with "three directors appointed by Petroleum Corporation of Jamaica and three (3) appointed by PDV Caribe, with three...