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PDVSA Liking for Offshore Companies

Aside from ethical questions, the logic of a private entity opening an offshore company seems elementary —to declare its profits in a territory where it can pay less tax than it should in its place of origin. But when it comes to a state-owned company like Petróleos de Venezuela, which is not obliged to pay taxes - and therefore does not need to evade them - it is difficult to understand why within its business scheme there is contracting with companies established in tax havens and there is even the creation of their own subsidiaries in these places. What does the Venezuelan public treasury gain from this?

12/10/2017 4:03:21 PM

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Paradise Papers

"Managing and operating alone or in conjunction with other corporations, individuals or companies all types of facilities, refineries, terminals, pipelines, ports, jetties or quays for the transportation, handling, processing, refining and storage of oil, gas, coal, oils and fuels of all kinds, lubricants and hydrocarbons of any kind and all sorts of products or byproducts and liquids in general."

As the metaphor of that player who is fourth bat, catcher and boyfriend of the godmother of the team, the previous paragraph is just the first of eight objectives set by company Pdvsa Marketing Internacional (Aruba) AVV, established on that Caribbean island with a capital of $ 30,000, more than a modest amount for the pretensions of also issuing and buying bonds, participate in the liquidation of companies or participate in "all types of contracts with legal purpose". This is stated in the company's articles of incorporation, one of the 13.4 million documents obtained in a leak of the Appleby law firm by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalism, better known as Paradise Papers.