PDVSA Commercial Creditors Committee to Propose Mirror Claims Framework to Restructure Commercial Debt and Unlock Trade Financing

Proposal Calls for Standardized Covenants and Central Clearing of Mirror Claims to Eliminate Execution and Counterparty Risks While Restoring Liquidity

CARACAS, Venezuela, Nov. 12, 2026 /PRNewswire/ -- The PDVSA Commercial Creditors Committee, grouped into the Capital Nacional initiative, will propose converting certified and validated commercial receivables into standardized «mirror claims» at the conference «A Voice to Move Forward: Private Capital in the Development of the National Petroleum Industry», on November 17, 2026, in Caracas. The framework is designed to eliminate reputational, counterparty execution, and fraud risks while establishing a transparent, secondary-market clearing mechanism to help domestic oil contractors unlock vital foreign financing.

Under the committee's proposal, audited contractor payables and supplier invoices owed by Petróleos de Venezuela, S.A. will undergo rigorous and independent debt reconciliation and certification. Once certified, claims will be eligible for conversion into standardized mirror claim instruments issued through a decentralized clearing system. The structure aims to resolve illiquidity and contractual and legal ambiguity that have historically subjected trade creditors to severe secondary-market discounts and curtailed financing.

Mitigating Counterparty and Execution Vulnerabilities
Secondary transfers of Venezuelan trade claims face various risks, including unverified chains of title, defective documentation, commercial non-performance, assignment contract restrictions, and potential exposure to set-offs or unrecorded tax liabilities.

By converting invoices into mirror claims in a domestic clearing infrastructure such as the domestic Caja Nacional de Valores, the framework will additionally support the development of the domestic capital markets. The framework establishes:

• Verified Chain of Custody: Permanent registration of ownership that eliminates double-selling risks and title defects across secondary market participants.
  
  
• Standardized Legal Architecture: Uniform assignment documentation compliant with international standards and Venezuelan commercial law, bypassing fragmented, non-standard assignment contracts.
  
  
• Statute of Limitations for Domestic Commercial Claims: Suspend or pause the statutory limitation periods once claims are converted into mirror claims.
  
  
• Fraud and Sanctions Protection: Integrated Ultimate Beneficial Owner (UBO) verification and compliance protocols aligned with applicable international regulatory and sanctions frameworks, including U.S. Office of Foreign Assets Control (OFAC) standards.

Decentralized Clearing and Aggregation Strategy
"The mirror claims architecture transforms illiquid receivables into standardized, tradable instruments. By routing these instruments through a decentralized clearing system, we create a transparent order book, enhance market liquidity, and aggregate trade claims to achieve better valuations," said Alejandro Dopazo, executive director of oil field services company Grupo Petroamerica C.A. and coordinator of Capital Nacional.

The proposal complements the committee's broader efforts to restore supply-chain financing and unlock international operational capital for Venezuela's local energy sector.

About Capital Nacional and the PDVSA Commercial Creditors Committee
Capital Nacional is an initiative of the PDVSA Commercial Creditors Committee, which represents domestic oil field services, supply and manufacturing, and engineering and construction companies with commercial obligations owed by PDVSA and its subsidiaries. The committee works to align commercial claim restructuring with international legal standards to restore market confidence and support Venezuela's sustainable energy development.

Website: www.venpdvcc.org

SOURCE Capital Nacional