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 Venezuela: Citgo to Take Steps to Shun SEC
Posted byadmin on Friday, November 10 @ 11:14:49 CST
Contributed by thetoysurgeon
CARACAS, Venezuela (AP) - Venezuela will take steps to stop its U.S. subsidiary Citgo Petroleum Corp. from having to file public financial reports ...
| Venezuela: Citgo to Take Steps to Shun SEC | | Thursday March 02, 2006 5:03pm |  |
... with the U.S. Securities and Exchange Commission, the oil minister said Thursday."As a state company we cannot be subject to the legal obligations of foreign countries used to protect bondholders," Oil Minister Rafael Ramirez told reporters.
"Citgo will also stay out," of giving the SEC any information, he said.
Houston-based Citgo is wholly owned by state oil company Petroleos de Venezuela SA, or PDVSA.
Venezuela announced last month that PDVSA would buy back $83 million in bonds traded in U.S. markets in order to avoid the need to report its performance to the U.S. regulatory agency. Its 2004 financial results to be filed later this month would be its last filing, the government said.
Ramirez said the government is working to have private banks buy off Citgo debt held by individual bondholders.
Some of the outstanding debt has oil supply contracts as collateral and that would no longer be the case when the debt is held by private banks, he said.
The SEC filings disclose to investors key details about how the company operates, such as income from exports, refining, production and reserves.
Ramirez said laws to protect investors were good, but protested that Citgo and PDVSA had come under the control of individual investors.
"In the past these companies were in essence in the hands of U.S. bondholders. We don't want that," he said.
The minister said the government expects to inform Venezuelans and others of the company's results at an annual public event.
Copyright 2006 by The Associated Press.
All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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