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PDVSA: Notification of New Payment Instructions

By Aleksander Boyd

01.10.07 | A kind reader in Wall Street sent me the email below. In its drive to financially 'punish' the evil USA as much as possible, Chavez has instructed that, effective 24 September, all payments to Petroleos de Venezuela (PDVSA) have to be made in Euros and paid into European bank accounts. Allegedly PDVSA is closing all accounts held in US banks.

De: MAGALY MIJARES [mailto:mijaresm@pdvsa.com]
Enviado el: Jueves, 20 de Septiembre de 2007 10:40 a.m.
Para: undisclosed-recipients:
Asunto: Notification of New Payment Instructions
Importancia: Alta

Dear Customer:

Please find attached PDVSA Board of Directors' communication about its decision to transfer all PDVSA receiving bank accounts to Euro accounts in European banks.

QUOTE

Dear Customer:

PDVSA Board of Directors has decided to transfer all PDVSA receiving bank accounts to Euro accounts in European banks; therefore the new commercial invoices will indicate the following banking instructions, according to type of hydrocarbon or activity:

SALES AND SERVICES OF PDVSA PETROLEO, S.A. THAT WILL BE INVOICED FROM SEPTEMBER 24, 2007 ON:

Crude Sales:

New Payment Instructions:

BNP Paribas

16, boulevard des Italiens 75009 Paris

662 042 449 RCS Paris - France

Bank Account N 000111-4545-376

IBAN: FR76-3000-4008-2800-0111-4545-376

BIC: BNPAFRPPPAC

Product Sales:

New Payment Instructions:

BNP Paribas

16, boulevard des Italiens 75009 Paris

662 042 449 RCS Paris - France

Bank Account N 000111-4555-076

IBAN: FR76-3000-4008-2800-0111-4555-076

BIC: BNPAFRPPPAC

Port Services:

New Payment Instructions:

BNP Paribas

16, boulevard des Italiens 75009 Paris

662 042 449 RCS Paris - France

Bank Account N 000111-4564-776

IBAN: FR76-3000-4008-2800-0111-4564-776

BIC: BNPAFRPPPAC


The invoices related to crude and product sales, and port services will be issued in US dollars. The payment must be made in Euros at the conversion rate indicated in the following comment which will be included in the commercial invoices:

COMMENT THAT WILL BE INCLUDED IN THE CRUDE AND PRODUCT INVOICES:


The payment of this invoice must be made in Euros (without discount, allowance, retention or deduction, including banking fees or wire transfers fees from commercial banks) to the bank and account N indicated above making reference to the invoice number on your remittance. The exchange rate to convert the US dollar amount to Euros shall be the exchange rate EUR/USD published by the European Central Bank in Frankfurt at 14:15 hours (European Central Time) and posted in the Reuters ECB37 page or in the Web page WWW.ECB.INT three business days prior to the due date of the invoice.

COMMENT THAT WILL BE INCLUDED IN THE PORT SERVICES INVOICES:


The payment of this invoice must be made in Euros (without discount, allowance, retention or deduction, including banking fees or wire transfers fees from commercial banks) to the bank and account N indicated above making reference to the invoice number on your remittance. The exchange rate to convert the US dollar amount to Euros shall be the exchange rate EUR/USD published by the European Central Bank in Frankfurt at 14:15 hours (European Central Time) and posted in the Reuters ECB37 page or in the Web page WWW.ECB.INT two business days prior to the Estimated Time of Arrival of the vessel (ETA).


UNQUOTE


If you require any further information regarding these new payment instructions, please feel free to contact us by e-mail: mijaresm@pdvsa.com, or moralesjvx@pdvsa.com, or bricenonn@pdvsa.com or by phone at 212-708-3955 / 4551 / 1365

Kindly advise all user personnel.

Best regards,




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