www.vheadline.com Posted: Thursday, February 27, 2003 By: Patrick J. O'Donoghue

Former Petroleos de Venezuela (PDVSA) manager Mireya de Amaya admits that it has been difficult to keep up the community fund to help employees and workers sacked by the government in the course of the oil sector stoppage that nearly crippled the economy.

The fund increased after friends and people close to the sector deposited donations in a trust fund.

"Given the size of the dismissals, we are now calling on all Venezuelans and companies to contribute … the total amount received so far is 930 million bolivares.”  Aid consists of economic help of between 150,000-200,000 bolivaries, food basket or health care.

According to de Amaya, dismissals are around the 16,000 mark … "15% belong to the day payroll, 80% the greater payroll and 5% executive … 60% of the greater payroll include lower economic levels such as supervisors, foremen and the like.”

biz.yahoo.com

PDVSA Advises Has Met Bond Related Payments Tuesday February 18, 10:59 am ET

CARACAS, Venezuela, Feb. 18 /PRNewswire-FirstCall/ -- Petroleos de Venezuela, S.A., informs the international financial community, especially the holders of bonds issued by PDVSA Finance LTD and PDV America, that these PDVSA affiliates have complied with the interest and capital amortization payments on the bonds which expire between February 10 and February 18, 2003. Furthermore, PDVSA informs that all future payments will be managed according to the existing payment schedule.

Source: Petroleos de Venezuela, S.A.

www.miami.com Posted on Mon, Feb. 17, 2003

Jose Valdivia and Miguel Zaldivar are traveling south of the border. The two Miami lawyers have picked up a piece of legal work for Hogan & Hartson worth more than $1 million. Hogan & Hartson won over four other law firms to serve as counsel to Pemex in its construction of a petrochemical complex in Mexico. The site hasn't yet been selected. Pemex is the Mexican state-owned oil company. The lawyers will work with Mexican counsel Haynes & Boone and with consultants Charles River Associates from Houston.

''We had all the right people,'' Zaldivar said. ``Also key is we had the ability to do the documents in Spanish and English.''

The right people included Flavio Principe, former general counsel of Venezuela's state-owned oil company, now in Hogan's Miami office, and Tovan McDaniel from Hogan's Washington office. Hogan also has Berlin, London and Paris offices, crucial for tapping overseas investors.

Hogan gets paid a flat fee, at least for phase one, through the end of February. Seven lawyers in the Miami office are working on the matter. The initial phase calls for drawing up bid documents for the selection of investors. The firm will analyze Pemex's potential role in the project. If the law firm continues as counsel during the next phase, its Miami office could become home for road shows and data analyses for Latin American investors. Miguel Espino, a Pemex attorney, is working from Hogan's Miami office.

A number of international companies are reported to be interested in participating with Pemex in the project. The initial investment is anticipated to be in the range of $1 billion to $2 billion.

In another coup for Hogan & Hartson, Paul F. Hancock, former Florida deputy attorney general in charge of South Florida offices, has joined the firm's Miami office as of counsel practicing in its litigation group.

www.miami.com Posted on Mon, Feb. 17, 2003

Jose Valdivia and Miguel Zaldivar are traveling south of the border. The two Miami lawyers have picked up a piece of legal work for Hogan & Hartson worth more than $1 million. Hogan & Hartson won over four other law firms to serve as counsel to Pemex in its construction of a petrochemical complex in Mexico. The site hasn't yet been selected. Pemex is the Mexican state-owned oil company. The lawyers will work with Mexican counsel Haynes & Boone and with consultants Charles River Associates from Houston.

''We had all the right people,'' Zaldivar said. ``Also key is we had the ability to do the documents in Spanish and English.''

The right people included Flavio Principe, former general counsel of Venezuela's state-owned oil company, now in Hogan's Miami office, and Tovan McDaniel from Hogan's Washington office. Hogan also has Berlin, London and Paris offices, crucial for tapping overseas investors.

Hogan gets paid a flat fee, at least for phase one, through the end of February. Seven lawyers in the Miami office are working on the matter. The initial phase calls for drawing up bid documents for the selection of investors. The firm will analyze Pemex's potential role in the project. If the law firm continues as counsel during the next phase, its Miami office could become home for road shows and data analyses for Latin American investors. Miguel Espino, a Pemex attorney, is working from Hogan's Miami office.

A number of international companies are reported to be interested in participating with Pemex in the project. The initial investment is anticipated to be in the range of $1 billion to $2 billion.

In another coup for Hogan & Hartson, Paul F. Hancock, former Florida deputy attorney general in charge of South Florida offices, has joined the firm's Miami office as of counsel practicing in its litigation group.

houston.bizjournals.com 10:53 EST Monday 

Hanover Compressor Co. on Monday said it has exercised its right to return its 30 percent stake in a Venezuelan natural gas compression facility venture to a unit of Schlumberger Ltd.

Hanover, a Houston-based natural gas compression services provider, said the right would have expired Feb. 1. Completion of the transfer of its interest in the PIGAP II venture back to Schlumberger awaits approval by Petroleo y Gas SA, a unit of Petroleos de Venezuela SA , Venezuela's state-owned oil company.

Hanover bought its stake in the venture when it purchased Production Operators Corp. from Schlumberger in August 2001.

A unit of Williams Cos. owns the remaining 70 percent stake in the venture, which operates a natural gas compression plant in Venezuela that processes 1.2 billion standard cubic feet per day of natural gas. The natural gas processed by PIGAP II is re-injected into oil reservoirs for enhanced oil recovery.

Hanover said it is in talks with Schlumberger to explore the possibility of retaining the 30 percent ownership in the venture.