October 27, 2016 / 1:03 PM / 2 years ago

India's ONGC says Venezuela's PDVSA to supply oil

MUMBAI, Oct 27 (Reuters) - Venezuela’s national oil company Petroleos de Venezuela has agreed to supply oil on a monthly basis to India to help settle dues which Venezuela owes to India’s Oil and Natural Gas Corp. Ltd, ONGC Chairman D K Sarraf said on Thursday.

He said the agreement with PDVSA would be signed shortly.

ONGC Videsh Ltd, the overseas subsidiary of ONGC, invested $190 million in 2009-10 in the San Cristobal project in Venezuela.

However, the company got only a small part of its dividend from the field which continued to increase production.

The issue was discussed during a visit to India by Venezuelan oil minister Eulogio del Pino and his Indian counterpart Dharmendra Pradhan, Sarraf said.

Venezuela is India’s fourth largest source of crude oil. In 2015-16, India imported 23.6 million tonne of crude from Venezuela, accounting for around 12 percent of India’s crude imports.

ONGC Videsh, state-owned refiner Indian Oil Corporation Limited and Oil India Ltd have stakes in two Venezuelan oil blocks.

Editing by Jason Neely

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below