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INTERNATIONAL LAW FIRM

INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG. New South American Convenient Ship Registries. (failed neo-panamanian approach?). Aurelio Fernandez-Concheso Clyde & Co. Caracas September 2002. in 2001. Exportations

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INTERNATIONAL LAW FIRM

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  1. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG New South American Convenient Ship Registries (failed neo-panamanian approach?) Aurelio Fernandez-Concheso Clyde & Co. Caracas September 2002

  2. in 2001... Exportations 2.796MBD Cabotage 464MBD INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG Atended: Exportations 16%: 450 MBD Cabotage 83%: 389 MBD Wide opening to the maritime sector... 2

  3. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG Values as of Dec. ‘01 Age 8 Lakemaxes 8 2 Aframaxes 18 2 Panamaxes 18 4 Producteros 5 2 Asfalteros 18 2 Gaseros 18 1 Lubricants 18 21 Total 15 Zeus / Proteo / Icaro / Parnaso Teseo / Eos / Nereo / Hero Ambrosio / Morichal Paria / Moruy S. Duim / M. Sayalero B. Palacios / P. León SIMPLE HULL Guanoco / Inciarte Yavire / Paramacay Caura Entry limitations to the USA Vessel reaching the end of useful life 3

  4. Volume controlledby PDVSA Volume controlledby PDVSA Vessels Hired PDVSA Vessels PDVM Vessels Hired PDVSA 75 MBD / 17% 450 MBD/16% 392 MBD / 14% FOB Sales PDVM 1.954 MBD / 70% 389 MBD/83% INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG EXPORTATION crudes and products Total 2.796 MBD CABOTAGE crudes and products Total 464 MBD 4

  5. Strategic Fleet International Crude Association Nac. / Int Products Association Producteros Aframax International Crude Association National Crude Association Internacional Crude Association Suezmax Panamax vlcc INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG NEW ROLE • MARKETING • PROMOTING / MONITORING NEW BUSINESSES AND ASSOCIATIONS • OPERATING STRATEGIC FLEET 5

  6. Decides Crudes / Products Specialisation (Asphalts,GLP,Lub.) Maintain/Re-inforce control of own fleet Develop Associations / Alliances in Cabotage and Exportation INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG LNG Transport of Crudes Nac. & Int. HIGH Total Control Internal Transport Productos Asphalt Transport LPG CERTAINTY OF DEMAND Lubricants Internacional Transport Products Strategic Alliance/ Association External/ Occasional LOW LOW HIGH DEGREE OF SPECIALISATION OF MARKET 6

  7. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG • Easy Access • Low Cost • Control on Safety Standards • Unique features when compared to • other SA Countries 7

  8. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG • Registration by foreign corporations through • a branch or subsidiary • No restriction on nationality of shareholders • No restriction on nationality of management • Registration by Owner • Bareboat Charter Registration • Registration on Lease 8

  9. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG • Elimination of: • Tax barriers • Import Duties • VAT • Customs Fees 9

  10. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG 75% of the vessel’s value or 75% of hire to be used over a 4 year period 10

  11. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG The Tax Rebate Vessel Value = £1,000,000 Tax Rebate = £750,000 Gross Income = £1,000,000 Expenses = £800,000 Net Profit before Tax = £300,000 Income Tax (34%) = £68,000 £68,000 of Tax Rebate = -68,000 Net Tax = Nil Tax Rebate balance usable for 3 yrs. = £682,000 11

  12. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG Development Issues • Labour • Service Culture 12

  13. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG Flag of Convenience Approx. Current Tonnage 13

  14. INTERNATIONAL LAW FIRM LONDON GUILDFORD CARDIFF HONG KONG BELGRADE SINGAPORE DUBAI PARIS PIRAEUS ST.PETERSBURG • Invites investment in Venezuela • Modernisation of fleet • Opens employment opportunities • Stimulates growth of naval industry • Promote participation of nacional capital • Decrease exportation of currency • Support the National Merchant Marine • Share benefits and risks with all 14

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