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OVL to get Venezuela oil for $600 m dividend
Financial Express Mumbai
|January 04, 2024
VENEZUELA HAS AGREED to ship oil to the country for enabling ONGC Videsh (OVL) to recover the pending $600 million dividend for its stake in the San Cristobal Project in the South American country, Pankaj Jain, oil secretary said on Wednesday.
"They have agreed to give us some oil in lieu of OVL's dues. We are waiting for (lifting) dates from them," the secretary told reporters on the sidelines of a conference here.
OVL, the overseas subsidiary of state-run Oil and Natural Gas Corp (ONGC), holds 40% stake in the San Cristobal field in eastern Venezuela's Orinoco Heavy Oil belt.
Venezuela's state oil company Petróleos de Venezuela SA (PdVSA) holds the remaining stake.
India has resumed its purchase of Venezuelan crude oil after the easing of US sanctions on the latter last year.
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