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INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS. Venezuela:. Current Events and their Impact on the Insurance Sector. Aurelio Fernández-Concheso Caracas. Stirling Leech London. INTERNATIONAL LAW FIRM

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slide1

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

Venezuela:

Current Events and their Impact on

the Insurance Sector

Aurelio Fernández-Concheso

Caracas

Stirling Leech

London

slide2

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

April 11, 2002: Protesters marching in Caracas

slide3

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

April 11, 2002: Shootings around Presidential Palace

slide4

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

April 11, 2002: Government supporters shooting from

Llaguno’s bridge against protesters and police officers

slide5

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

April 12, 2002: General Lucas Rincon and High Commander

Officers announce Chavez’s resignation to the Presidency

slide6

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

Interim Government led by Pedro Carmona

slide7

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

April 14, 2002: Chavez returns to power after failure of the Interim Government lead by Pedro Carmona

slide8

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

October 22, 2002: Legitimate Disobedience

slide9

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

December 02, 2002: National General Strike

slide10

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

slide11

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

December 04, 2002: PDV Marina joins the General Strike

slide12

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

slide13

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

PDVSA’s Operational Report on 14th January:

Oil Production (Thousands of Barrels/day)

Gas Compretion (Millions of cubic feet/day)

9400

Normal Value

Normal Value

3280

87 % closed down

70 % closed down

2819

413

Current Value

Current Value

Gas Production-Anaco (Millions of cubic feet/day)

1800

Normal Value

53% closed down

850

Current Value

slide14

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

PDVSA’s Operational Report on 14th January:

Oil Refining (Thousands of Barrels/day)

1264

94% Closed Down

75*

* PLC is currently operating at 38% of its total capacity of 120 thousands barrels/day

slide15

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

Oil spill in Lake Maracaibo (Jan.2003)

slide16

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

Explosion at El Palito Refinery

slide17

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

PDVSA’s Risk Profile

Property Insurance: 5 MM $ (deductible)

20 MM $ (PDV Insurance Bermuda)

Values at Risk: 25,000 MM $

Estimate Maximum Loss: 800 MM $

Loss of Income: No Cover

Renewal:

slide18

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

Potential Insurance issues regarding PDVSA

Cover: Might be challenged (No renewal ?)

Due Diligence: In General terms, the Company is not being operated by dully qualified personnel

Mitigation of

damages: There is no SHA team available to face a potential loss at the Refineries and Production

facilities

slide19

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

Potential Insurance issues regarding Private Operators

Cover: Loss of income is normally included in their policies

Proximate Cause: Migh be challenged: Strike, Stoppage,

Civil Disobedience or Sabotage ???

slide20

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

  • Other potential claims in the Energy Sector:
  • Consequential damages in relation to supply agreements.
  • Breach of Contracts (Supply agreements of Oil and
  • derivatives).
  • Loss of opportunity by PDVSA’s customers abroad.
  • Financial liabilities for those companies involved in
  • production activities in the Orinoco Belt (Apertura Petrolera).
  • Financial liabilities that may be incurred by PDVSA’s
  • subsidiaries and PDVSA’s joint ventures in Venezuela and
  • abroad.
slide21

INTERNATIONAL LAW FIRM

LONDON GUILDFORD CARDIFF PARIS BELGRADE PIRAEUS ST.PETERSBURG DUBAI SINGAPORE HONG KONG CARACAS

Other potential claims in the Energy Sector (cont...):

  • Property damages (Plants, Refineries, Production
  • facilities and other equipment).
  • Strike or Sabotage ???
  • Environmental damages for oil spillage in Maracaibo
  • Lake.
  • Execution of Letter of Credits.