India’s ONGC Videsh said it is exploring options including allocation of oil by Venezuela’s state oil company PdVSA to repatriate its pending $600 million dividend for a stake in a project in the south American nation.
Indian refiners have resumed purchase of Venezuelan oil following the easing of U.S. sanctions last year.
ONGC Videsh (OVL), the overseas investment arm of India’s top explorer Oil and Natural Gas Corporation, holds 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt, with PdVSA holding the remainder.
San Cristobal project owes dividend of around $600 million to OVL, the company said.
Tags: ONGC, OVL, PDVSA
Recent Posts
Seafarer Wellbeing Highlighted in New Decarbonisation Guidance from ISWAN
India Outlines Green Hydrogen Strategy at World Hydrogen Summit 2025 in Rotterdam
Port of Rotterdam and EDGE Navigation Partner to Advance Liquid Hydrogen Infrastructure
Finnlines Launches Low-Carbon “Green Lane” Sea Transport Service with Up to 90% Emission Cuts
Microsoft Teams Up with NORDEN to Cut Maritime Supply Chain Emissions
Höegh Autoliners’ Fifth Aurora-Class PCTC Enters Service with Multi-Fuel Capability
Next-Gen Marine Propulsion: MAN Launches Methanol Super Engine
Port of Amsterdam Marks First Ship-to-Ship Methanol Bunkering