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July 2 - Progress in arbitration cases and new filings are putting more pressure on Venezuela's cash-strapped state oil company PDVSA, which faces having to compensate various firms for assets that were nationalized. [ID:nN02227657]
President Hugo Chavez's socialist government has taken over many enterprises in the Latin American OPEC member, from small businesses to heavy crude projects worth billions of dollars.
That has left a trail of lawsuits and arbitration cases, principally being handled by the World Bank's International Center for Settlement on Investment Disputes (ICSID). Below are details of the main cases being considered by the court:
* Exxon Mobil Corp. (XOM.N) brought its case in Oct. 2007, shortly after Venezuela took over the Cerro Negro upgrader the U.S. company was operating in the Orinoco heavy crude belt, as well as exploration acreage in the western La Ceiba block.
In early 2008, Exxon asked a British court to freeze $12 billion of PDVSA's overseas assets in lieu of compensation. Chavez threatened to cut oil exports to the United States in retaliation, before the British court rejected the request.
Exxon hopes to receive $10 billion, but last month Venezuela said that was unlikely after ICSID set a shorter time period for compensation than the U.S. oil giant had wanted.
* ConocoPhillips (COP.N) also brought its case in 2007, but is seeking $30 billion in compensation for stakes in two Orinoco projects -- Petrozuata and Hamaca -- and two joint venture exploration agreements in the Gulf of Paria. On June 13, a major hearing in the case took place in The Hague.
* Two cement companies, Mexico's Cemex (CMXCPO.MX)(CX.N) and Switzerland's Holcim (HOLN.VX), requested ICSID arbitration after Chavez's government took over the industry in 2008. They are claiming a total of about $2 billion in compensation.
* Canadian mining company Gold Reserve Inc (GRZ.A)(GRZ.TO) filed for arbitration in late 2009 after the Venezuelan authorities seized its Brisas project, which sits on one of Latin America's largest gold veins. Canada's Vanessa Ventures has a similar claim from 2004 for a $1 billion-plus project.
* U.S.-based oil service provider Tidewater Inc (TDW.N) has petitioned ICSID and is hoping for about $45 million in compensation after Chavez's government expropriated the assets of 76 service companies in May 2009.
* Universal Compression International Holdings, owned by U.S. company Exterran Holdings Inc (EXH.N), was another firm hit by the wave of oil service nationalizations in 2009. It requested arbitration this April over $400 million in assets.
* The latest case against Venezuela at ICSID was filed last month by OPIC Karimum, a subsidiary of Taiwanese state oil company CPC [CHIP.UL]. OPIC had a minority stake in projects in the Gulf of Paria. (Source: Reuters reports and www.worldbank.org/icsid) (Editing by Marguerita Choy)
Reason for Halt: Pending News
This can mean either news from the company or news from the exchange. I expect it to be a company requested halt but the timing is odd being mid-trading but of course this does happen. If it were company news and it was good we would know about it by now - or at least get some credible speculation. Even IR at KRY are denying any knowledge.
...were there truly bad news on the way, the stock price would have been decimated...
Have you looked at the chart!!! Over 6 months, since the last PP (70,000,000 shares at 50 cents) we are down over 50% - that's decimation in my book. But the key is that Marshall said in mid-Jan that KRY had about two weeks to find out if VZ was serious about the CRRC deal. Over the last two weeks the price has fallen nearly 25% with no let up, setting new 52 week lows on successive days. OK so the trend isn't always right but ALL the evidence points to this being at best neutral news. There is absolutely nothing to suggest positive news. If this halt had come at any time during Q4 2010 then it would almost certainly have been good news. No-one can say that bad news now has not been foreshadowed - even the agora posts have been more negative than ever in KRY's history over the last 6 months and especially over the last 6 weeks.
Below are the conditions signed off by the Serbian Govnt and RT to mine the boron property back on Feb 16, 2006.
IF, EV should be awarded the boron property would our concession conditions be similar, or would they be less, due to our circumstances surrounding the property? Comments would be appreciated.
"The estimated amount of borate ore deposits total nearly 7.5 million tonnes, said Naumov and added that exploration should begin in approximately four months, whereas the contract envisages a five-year period for geological exploration and production of project documentation and a 25-year exploitation period.
According to Naumov, the contract also envisages construction of the mine and state-of-the-art facilities for production of refined boric acid powder, with a capacity of 30,000 to 100,000 tonnes a year. The total value of the project is €140 million.
The compensation for the concession is 1% of the income from the sale of refined boric acid plus 5% as compensation for exploiting minerals. Apart from that, there will also be VAT funds going into the budget, as well as profit tax and other taxes and contributions said Naumov".
Kenneyboy,
My take on the Shareholders Rights Plan is it has already been prepared by EV's legal counsel (lawyer's) and content will be voted on at the June 4 - AGM. If 50% of the shareholder's in attendance at the AGM vote in favour to adopt the Right's Plan minutes it will be in effect for a 3 yr term.
Erin Ventures Inc.'s board of directors has agreed to implement a shareholder protection rights plan.
The plan will be submitted for ratification by common shareholders at Erin's next annual shareholders' meeting. To remain effective, the plan must be approved by more than 50 per cent of the votes cast at that meeting by independent (non-management) shareholders. The rights plan will be operative for a three-year period, once adopted. The rights plan is also subject to the approval of the TSX Venture Exchange.
I was advised it would probably be Pres -Tim Daniels and Dr. Dennis LaPoint our geologist for the North Carolina and Belize Gold Properties attending the AGM.
Yesterday, I was advised by BF our AGM is tentatively scheduled for Edmonton- Sutton Place, 10235-101 St on June 4. It would be the same location it has occurred at during the last two sessions in Edmonton. Correspondance to follow in the mail. Let's hope we get some positive news releases before the meeting.