Venezuela to Provide Oil in India in Place of a $600 Mn Dividend

BY A STAFF REPORTER: Venezuela will now supply oil to India’s ONGC Videsh Limited as a substitute for the pending $600 million dividend 

The petroleum secretary Pankaj Jain said “They (Venezuela) have agreed to give us some oil in place of its pending OVL dues. We are waiting for lifting dates”  

Venezuela agrees to supply oil to India in lieu of pending dividend, says Petroleum Secy



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The agreement occurred after the US eased sanctions on Venezuela’s oil sector in October. The US enforced sanctions to punish Maduro’s Government after his re-election. 

Venezuela has been a key player in the history of the global oil industry as it has been producing il since 1914. Venezuela is prominent among the top oil reserve possessors, accounting for approximately 18.2% of the total global reserves. 

India is avidly exploring opportunities for collaborations and partnerships with Venezuela to diversify its oil sources and fortify its refining capacities