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Oil & Gas State-Owned Enterprises

White & Case LLP

Overview of the EU’s 10th sanctions package in relation to Russia

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On 25 February 2023, the EU adopted its tenth sanctions package against Russia. More industrial, high-tech and aviation goods are now banned for export to Russia, while Russian bitumen and related materials, synthetic rubber...more

Latham & Watkins LLP

Sanctions Update: EU and US Impose New Sanctions and Export Controls Relating to Russia

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The EU has issued its eighth “package” of sanctions measures on Russia. Meanwhile, US agencies have issued guidance on “secondary” sanctions enforcement, designated additional SDNs, and restricted further exports to Russia —...more

White & Case LLP

United States and Canada Request Consultations Over Mexico's Energy Policies Under USMCA

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On July 20, 2022, the United States requested consultations with Mexico under the Dispute Settlement chapter of the United States-Mexico-Canada Agreement (USMCA), arguing that several of Mexico’s energy policies are...more

White & Case LLP

EU’s Sixth Package of Russia sanctions targets oil imports, professional services, expands media ban and trade restrictions,...

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Authored by our Global Sanctions Team On 3 June 2022, the EU adopted a new round of sanctions against Russia and Belarus, banning the purchase, import or transfer into the EU of crude oil and petroleum products originating in...more

White & Case LLP

Switzerland implements further sanctions following the EU’s sixth package

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Authored by our Global Sanctions Team On 10 and 29 June 2022, Switzerland expanded existing sanctions and implemented new measures in response to Russia's ongoing military aggression in Ukraine. This new sanction set is in...more

Hogan Lovells

Treasury Department issues inter-agency business advisory on Burma

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On January 26, 2022, the U.S. Department of the Treasury issued an advisory for businesses and individuals doing business in Burma. Specifically, the business advisory cautions business and individuals to be aware of exposure...more

Kohn, Kohn & Colapinto LLP

New Cop on a Bigger Block: The CFTC Steps into Enforcement of Anti-Corruption in Commodities Markets with Vitol Settlement.

The Commodity Exchange Act (CEA) tasks the Commodity Futures Trading Commission (CFTC) with regulating the U.S. derivatives markets. A December 3, 2020 , required it “to pay more than $95 million in civil monetary penalties...more

Morgan Lewis

Mexico Targets Foreign Investors in Oil and Gas Sector with Proposed Changes to Hydrocarbon Law

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Mexico’s President Andres Manuel Lopez Obrador introduced a legislative initiative on March 26 to reform Mexico’s Hydrocarbon Law (the Hydrocarbons Reform) that is aimed to impair investors in the sector. While the...more

Holland & Knight LLP

Mexico to Discuss Oil and Gas Reform Bill

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On March 26, 2021, Mexico's president submitted to the Chamber of Representatives (Cámara de Diputados) a bill to reform the Hydrocarbons Law (Ley de Hidrocarburos or LH) (the LH Reform) that favors the state-owned company,...more

King & Spalding

AMLO Proposes New Legislation to Regulate the Oil & Gas Industry

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On March 26, 2021, the President of Mexico, Andrés Manuel López Obrador (“AMLO”), sent a new bill to Congress intended to amend the Federal Hydrocarbons Law (the “Hydrocarbons Bill”). This is AMLO’s latest attempt to upend...more

Orrick, Herrington & Sutcliffe LLP

For the First Time, the CFTC Uses its Powers to Combat Foreign Corruption

In a landmark action on December 3, 2020, the Commodity Futures Trading Commission (“CFTC”) announced resolution of its first enforcement action involving foreign corruption by issuing an order and settling charges against...more

Holland & Knight LLP

Venezuela Update: February, 2020 (Spanish)

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Holland & Knight's Venezuela Focus Team invites you to read our Venezuela Update, in which we discuss the latest news, trends and developments in Venezuela that impact the interests of businesses across all industry sectors....more

Holland & Knight LLP

Venezuela Update: February, 2020

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Holland & Knight's Venezuela Focus Team invites you to read our Venezuela Update, in which we discuss the latest news, trends and developments in Venezuela that impact the interests of businesses across all industry sectors....more

Flaster Greenberg PC

Will The First Test Case For Renewable Energy Come From A Small Hawaiian Island?

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Oracle founder and billionaire Larry Ellison already owns about 98% of Lanai, a small Hawaiian island with approximately 3,000 residents nine miles from and politically part of Maui. Two weeks ago, the island announced that...more

BCLP

Indoneisa in focus - October 2019

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New Presidential Regulations on the Use of Indonesian Language - The new regulation, President of the Republic of Indonesia Regulation Number 63 of 2019 regarding the Use of Indonesian Language (“PR No. 63/2019”), affirms...more

King & Spalding

PEMEX 2019–2023 Business Plan—Opportunities in Storage and Transport of Fuels and Aviation Fuel

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Pemex, the Mexican national oil company, recently published its 2019-2023 business plan which outlines the economic strategy that Pemex and its subsidiaries will adopt and implement during that period. Pemex’s business plan...more

Patterson Belknap Webb & Tyler LLP

An Update on the Venezuelan Debt Crisis: A Lack of Regime Change and Continued U.S. Sanctions Delay Prospects for a Near-Term Debt...

Here’s an update on recent political, social, and economic developments in Venezuela. From our perspective as a blog focused on insolvency and restructuring topics, the upshot of what’s been taking place in Venezuela is that...more

King & Spalding

Mexico’s President Issues Plans Affecting Mexico’s Gasoline Market

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During the recent presidential campaign, President Andres Manuel Lopez Obrador (commonly referred to as AMLO) stated his intention to fund additional gasoline refining capacity for PEMEX, the monopoly state-owned national oil...more

BCLP

Brazilian Privatization Program

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The incoming Brazilian administration is embarking on a program to sell equity interests and grant concessions in over 100 state-owned entities, as part of its effort to pay Brazil’s public debt and reduce the role of...more

Akin Gump Strauss Hauer & Feld LLP

OFAC Sanctions Venezuelan State-Owned Energy Company PdVSA, Releases New General Licenses and FAQs for Venezuela Sanctions Regime

• On January 28, 2019, OFAC added the Venezuelan state-owned oil and natural gas company PdVSA to its SDN List. • As a result, U.S. persons are generally prohibited from engaging in transactions with PdVSA and entities that...more

White & Case LLP

Initiative to reform the Petroleos Mexicanos Law

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As a result of the 2013 constitutional reform, Petróleos Mexicanos ("PEMEX") was transformed into a productive state-owned enterprise directed by a General Director and a Board of Directors. Currently, each of them has...more

Holland & Knight LLP

Petrobras Agrees to Pay More Than $1.8 Billion for Facilitating FCPA Violations

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• Four years ago, Brazilian authorities began Operation Car Wash, a wide-ranging and still ongoing corruption and money laundering investigation that has spanned 11 countries. • The fallout continues with a recent U.S....more

Holland & Knight LLP

Mexico's Port Authority of Chiapas Calls Tender for Oil and Gas Fluids Facility

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Most of the Mexican port infrastructure is assigned to Port Authority bodies, which are mainly state-owned corporations that run all aspects of operation and allocation of activities inside each port. Among other activities,...more

Jones Day

U.S. Government Takes Steps Toward Implementation of Sanctions on Russia

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The United States has taken significant steps toward fully implementing the sanctions imposed on Russia pursuant to the Countering America’s Adversaries Through Sanctions Act of 2017, which codifies and strengthens certain...more

Jones Day

Vietnam Directs Divestment of State-Owned Enterprises

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The Situation: Vietnam, like other developing countries, is challenged by the prominence of state-owned enterprises throughout its economy. The Development: The Vietnamese government has directed that state ownership in a...more

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