DECRETO 4715 DE 2010 PDF

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We cannot assure you that we will maintain our production levels or 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.

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The availability of these sources decdeto capital when the need arises will depend upon a number of factors, some of which are beyond our control. Debt and capital lease obligations: Exploration activities are subject to risks arising from the inherent difficulty of predicting the presence, yield and quality of hydrocarbon deposits, as well as unknown or unforeseen difficulties in extracting, transporting or processing any hydrocarbons found or doing the foregoing on an economic basis.

Although we believe that the expectations reflected by such forward-looking statements are reasonable based on information currently available, readers are cautioned ds to place undue reliance on these forward-looking statements, which speak only as of the date of this offering circular. We are subject to numerous laws, regulations and government mandates in Venezuela that may change in the future and adversely affect our operating results and financial condition.

For example, decreases in oil and gas prices in the recent past, and any further decreases in oil and gas prices, will adversely affect our ability to generate cash flow from operations.

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None of PDVSA or the Exchange Agent shall be under any duty to give notice to any holder of any defects, irregularities or delays in any Exchange Instructions or withdrawal instructions nor shall any of them incur any liability for failure to give such notice.

The significant decline in the price of oil has had an impact on the economy of Venezuela. The crisis in the Asian markets, beginning in negatively affected markets throughout Latin America.

Property, plant and equipment, net. Decreased growth on the part of these trading partners could have a material adverse effect on the markets for our exports. The Bolivarian Republic of Venezuela is our sole owner and, through the Ministry of Petroleum, establishes national petroleum policies and also regulates and supervises our operations.


Our business, financial condition, results of operations and prospects may have changed since that date.

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Venezuela recognizes the execution of foreign judgments and arbitration awards, subject to certain conditions provided for in Venezuelan laws. Through this Foreign Exchange Agreement No. Re concerning tender procedures and requests for additional copies of this offering circular should be directed. Our products in the Venezuelan domestic market are sold at subsidized prices, thereby reducing our Venezuelan source revenues. You may exchange your Existing Notes for New Notes in the amounts described below:.

Nothing contained in this offering circular is or shall be relied upon as a promise or representation, whether as to the past or the future. Accordingly, the aggregate principal amount of Existing Notes may be reduced substantially if edcreto Exchange Offers are consummated. Finally, in any month in which the average Venezuelan oil basket price is equal to or greater than U. Our operations are conducted mainly in the international market for crude oil and refined petroleum products.

Subject to other restrictions affecting the Issuer including any negative pledge covenants affecting the Issuer and its SubsidiariesPDV Holding may use such remaining shares to secure other obligations or sell them to a third party.

We will announce any extension of the expiration date no later than 9: These contributions are in addition to taxes and dividends we pay annually to Venezuela, as well as the social projects we have funded, which are recorded as part of our capital expenditures because they relate to one of our oil and gas production projects.

Exchange Instructions will be deemed not to have been made until such defects, irregularities or delays have been cured or waived. No assurance can be made that, under the applicable insolvency, bankruptcy and other laws existing at such time, the proceeds from such sale would not be subject to our tax liabilities.

Spain – – International agreement. Pursuant to the law decree, in any month in which the average Venezuelan oil basket price exceeds the budgeted price per barrel, but is equal to or less than U. 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. Total comprehensive income attributable to:. Furthermore, the Venezuelan economy may be affected by events in developed economies that are trading partners or that affect the global economy, including the sovereign debt crisis affecting Greece, Spain and Italy.


In any event, we believe that we will continue to service our existing debt and the New Notes, should we decide to complete the exchange in accordance with their terms. Any delay in the realization of value of Collateral could result in a significant decline in the amount realized. Venezuela is a party to and has complied with such production agreement quotas, and we expect that Venezuela will continue to comply with such agreements in the future. International investors consider Venezuela to be an emerging market.

There are no guaranteed delivery provisions provided for in conjunction with the Exchange Offers under the terms of this offering circular. Among the effects of the oil strike on the Venezuelan economy, was a decrease in the GDP of We may make investments, incur costs and engage in sales on terms that affect our results of operations and financial condition.

Convenio de seguridad social. Our business depends substantially on international prices for oil and refined petroleum products and such prices are volatile. We and other sources we believe to be reliable have furnished the information contained in this offering circular.

Credit Suisse Securities USA or its affiliates may have a lending relationship with us and may hedge their credit exposure to us consistent with customary risk management policies.

Further, the Collateral Agent will only take such action as instructed by the holders of a majority of the outstanding principal amount of the New Notes.

Pursuant to such amendment to the Foreign Exchange Agreement No. As a result, if you elect not to participate in the Exchange Offers it may be difficult for you to trade your Existing Notes and the market value of your Existing Notes 20100 be adversely affected.

Sales of crude oil, products and others decreased by There can be no assurance that the significant domestic political, social and economic instability that has existed in Venezuela will not re-emerge.

Any acceptance of an Exchange Instruction transmitted through ATOP is at the election and risk of the person transmitting such Exchange Instruction and delivery will be deemed made only when actually received.