Mr. Chaiwat Sriwanwat Managing Director Tipco Asphalt Public Company Limited or TASCO Disclosed cases in the media about allegations the company was involved in a criminal complaint in the United States against an American businessman. The Company would like to clarify that the Company is not accused of this lawsuit.
The items related to PDVSA appearing in the news are the topics that the company and the US State Department have been in contact with since August 2020. The company has confirmed that it has terminated its relationship with PDVSA at the request of the US State Department. Result from November 2020
This is in accordance with the details in the letter of the company notified to the Stock Exchange of Thailand No. 026/2020 dated September 11, 2020 and No. 031/2020 dated November 23, 2020 regarding the cancellation of crude oil purchases from Venezuela. However, on November 23, 2020, TASCO informed the Stock Exchange of Thailand that it had terminated the purchase of crude oil from Venezuela within the Win down period as requested by the US State Department.
By reporters reporting that on September 11, 2020, TASCO informed that the company’s refinery in Kemaman, Malaysia. It is primarily designed for the refining of heavy crude oil from Venezuela. Since its inception in 2007, the Company’s refineries have used Venezuela crude for roughly 90% of the total crude oil used.
While in December 2019, the company was contacted by the US Embassy in Thailand. And the company answered inquiries and gave details about the purchase of crude oil from Venezuela to the US Embassy in Thailand. In January 2020, later used the band 3 weeks ago. The company was contacted by the US State Depaartment, requesting that it immediately stop buying crude oil from Venezuela. The Company gave a comprehensive written clarification of the details of its Venezuela crude purchases to the US State Department. Finally, the US State Department asked the Company to stop purchasing Venezuela crude. To be effective from the end of November 2020 onwards and warn that the company may be subject to sanctions from the United States. In the event that the company does not comply with the request
Therefore, in order to reduce the risk of sanctions from the United States which will severely affect business operations At the request of the US State Department, the company has stopped buying crude from Venezuela, which will result in the need to temporarily close the Kemaman refinery. until US sanctions against Venezuela are lifted. Or the company can source crude oil instead of crude oil from Venezuela.
sideMaybank Kim Eng Securities (Thailand) Public Company Limited states that if there is news reports that TASCO is involved in money laundering in Venezuela Engage in camouflage transactions for US armed traders That the case occurred in Feb. 2019-Mar. 2020, TASCO later informed the market that the US State Department has asked TASCO to stop buying crude oil from Venezuela and on Nov 23, 2020, by TASCO notifying that it has stopped buying crude oil from Venezuela For legal terms, sanctions are limited to US companies and citizens. But it is a request for cooperation for foreign companies. Therefore, there is no legal effect on TASCO. We would recommend “HOLD” for TASCO.
Foreign media reported that In an affidavit filed in the U.S. District Court in Florida, Florida-based Achabal Technologies was led by American-Venezuela businessman Jorge Nobrega. as Chief Executive Officer It has sold foam insulation in the tanks of the Russian Sukhoi SU-30 fighter jets to the Venezuelan military. This is a violation of US sanctions.
The United States has previously imposed sanctions on the government of Venezuelan President Nicolas Maduro. including PDVSA, the Venezuelan government oil company. As a result, US companies and other companies cannot do business with PDVSA without a license from the US Treasury Department. While exporting military equipment must be approved by the US Department of State, Achabal has no such license.
By Mr. Nobrega was taken by the US police. detained last Sunday. He was scheduled to appear in court on Aug. 18, while an April 2019 investigation by the US Department of Homeland Security found that Mr Nobrega had assisted the Venezuelan military in the maintenance of Russian fighter jets. Model Sukhoi SU-30 without applying for approval from the US authorities.
The media reported that In an effort to bypass US sanctions and concealed the source of the money he received from the Venezuelan government. Mr Nobrega opened an account for Achabal in Portugal, which allegedly received multiple payments from the Venezuelan government for the maintenance of the Russian fighter jet. Sometimes these funds come from TASCO, PDVSA’s major crude buyer, stating that PDVSA has instructed TASCO to transfer funds to Achabal’s account in Portugal.
Meanwhile, the US Department of Homeland Security has identified TASCO as a money launderer working with PDVSA to move hundreds of millions of dollars in funding to the Venezuelan government.
