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OVL wants oil in lieu of $537 million cash due from Venezuela

OVL wants oil in lieu of $537 million cash due from Venezuela

ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), wants $537 million worth of crude oil in lieu of cash due for its share of sales from Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and invested $190 million in 2008.