Home » India tries to recover $600 mn dues from Venezuela

India tries to recover $600 mn dues from Venezuela

India tries to recover $600 mn dues from Venezuela

India has discussed ways to recover over $600 million of past dues from Venezuela including recouping it from payments for oil it imports from the Latin American nation. ONGC Videsh Ltd owns 40 per cent of the San Cristobal oilfield but has not been paid for its share of oil sales for the last couple of years. OVL, in 2008, had invested about $190 million in the project where state-run Petroleos de Venezuela SA (PDVSA) holds the remaining 51 per cent stake.Oil Minister Dharmendra Pradhan has met Venezuelan Foreign Minister Delcy Rodriguez and Oil Minister Eulogio del Pino and discussed bilateral energy issues, including payment of dues.

Sources said since cash-strapped Venezuela does not have hard cash to pay after the oil prices slump.

Leave a Reply