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
Govt urges sugar industry to diversify into green fuels
Cement sector must innovate to achieve net-zero emissions
India’s ethanol production capacity reaches 1,685 crore liters
Sembcorp bags first solar plus energy storage project in India
Wärtsilä to power world’s largest cement carrier for NovaAlgoma
Ethanol sourcing from sugar mills to be less this season
Centre grants approval for 47 ethanol projects in Bihar
China builds seawater hydrogen production project