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
Incat Tasmania launches world’s largest battery-electric ship
India to supply 4.12 lakh tonne green hydrogen derivatives to Japan, Singapore
Green hydrogen gets official stamp as India notifies certification scheme
Wärtsilä expands methane slip reduction capabilities by introducing NextDF technology
GS E&C, Amogy, and HD Hyundai Infracore partner with South Korean City Pohang-si
SK Incheon Petrochem Launches South Korea’s First B30 Biofuel Marine Fuel to Support Maritime Decarbonisation
JSW Infrastructure Eyes Green Hydrogen and Ammonia to Power Sustainable Port Operations
HAV Group Secures Contract to Deliver Onshore Charging Stations for Norled Ferries in Northern Norway