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7/14/14

Setty on PDVSA's lost $644m

Setty's on the case of the people behind the $644m arbitration award with Venezuela's State oil company. Here's how his piece begins:
PDVSA, Venezuela’s state oil company, released financial statements last month. One of the more remarkable items in there was a $644 million loss for an arbitration award in a case that I had never heard about before — and no Venezuela expert I’ve talked to had heard about, either. This is all that PDVSA has ever disclosed about the case:
In November 2013, the award related to the arbitration request filed by Gulmar Offshore Middle East LLC and Kaplan Industry Inc. was issued against PDVSA, corresponding to early unilateral termination of contract by PDVSA. The award established a compensation of $644 million.
That is a tremendous amount of money. (Continues here)

Now ain't that the truth. Go read it all, it's fascinating stuff and a top piece of investigative journalism.