DEPARTMENT OF THE TREASURY
WASHINGTON, D.C. 20220
LICENSE No. VENEZUELA-EO13850-2019-359381-1
VENEZUELA SANCTIONS REGULATIONS
LICENSE
Issued under the authority of one or more of 50 U.S.C. §§ 1601-51, 1701-06, Pub. L. 113-278, Executive Orders 13692, 13808, 13827, 13835, 13850, and 13857, and 31 C.F.R. Parts 501 and 591.
To: Deloitte Ltd and Joint Provisional Liquidators of PDVIC
c/o Mayer Brown LLP
1999 K Street NW
Washington, DC 20006
Attn: Tamer A. Soliman
1. Based upon the request dated March 18, 2019 on behalf of Deloitte Bermuda and the Joint Provisional' Liquidators of PDVIC, and information otherwise available to the Office of Foreign Assets Control (the "Application"), the transactions described herein are hereby authorized.
2. This License is subject to the condition,...
1) The licenses and documents in the native .PDF relate to the bankruptcy court proceedings arising from the 2018 declaration of bankruptcy by PDV Holding Insurance Company, LTD.
PDV Holding Insurance Company is a non-U.S. person, organized under the laws of Bermuda. It is a wholly-owned subsidiary of PDVSA S.A. (Venezuela), and its purpose was the reinsurance of various PDVSA-related entities, including the U.S. person CITGO Petroleum Corp. All three were, as of the date of the issue of the licenses included in the native .PDF, blocked pursuant to EO 13850 for either being, or being 50% or more owned by, PDVSA S.A.
As discussed in the document at p. 7 of the native .pdf file, CITGO and PDV Holding Insurance Company were involved in Bermuda-based litigation arising from insurance claims made by CITGO. The document at p....