Summary

Introduction

1. This is the second hearing of the applications for summary judgment in the above- numbered claims brought by the Claimant ("BSJI") against the Defendant ("PDVSA") (the "Claims").

2. In brief summary, the Claims comprise two substantial claims in debt by BSJI, a bank incorporated in Puerto Rico, against PDVSA, the Venezuelan state-owned oil and gas company. The first claim ("the 2016 Claim") is for roughly US$48 million including interest and is made pursuant to a credit agreement between BSJI as Lender and PDSVA as Borrower dated 23 March 2016 ("the 2016 Credit Agreement").

3. The second claim ("the 2017 Claim") is for roughly US$38 million and is made pursuant to a credit agreement between BSJI as Lender, PDVSA as Borrower and PDVSA Petróleo S.A. ("PDVSA Petróleo") as Guarantor dated 6 April 2017 ("the 2017 Credit Agreement", together with the 2016 Credit Agreement, "the Credit Agreements"). The Credit Agreements are governed by English law and contain an exclusive jurisdiction clause in favour of this Court.

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