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
Chartered Speed expands its electric mobility footprint in Arunachal Pradesh
PSA International joins Global Centre For Maritime Decarbonisation as a strategic partner
MPA and NYK Group Advance Collaborative Efforts on Maritime Autonomous Surface Ship Trials
BIMCO drafts new clause to support biofuel use in time charters
Global Maritime experts attended India@Nor-Shipping – Maritime Partnership for a shared & sustainable future
India-Norway Dialogue Anchors on Sustainable Maritime Development
Sea cruise ships can now connect to shore power in Amsterdam
Corvus Energy partners with HD Hyundai Mipo for AiP on new green product tanker design.