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India Eyes Venezuelan Oil Import

India Eyes Venezuelan Oil ImportIndia Eyes Venezuelan Oil Import

Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm. The OPEC-member’s economy has collapsed since crude prices plummeted in 2014, forcing it to delay payments for oil services and fuel supplies, Reuters reported. Venezuela depends on oil for more than 90% of its export revenues. Venezuela’s national oil company PDVSA has missed debt payments to ONGC Videsh, the foreign investment arm of Indian explorer Oil and Natural Gas Corp, for six month and wants to settle $449 million in dues using existing and new Indian clients. In a letter reviewed by Reuters, Venezuelan Oil Minister Eulogio del Pino wrote to the chairman of Indian Oil Corp , Sanjiv Singh, last week “to evaluate the possibility of a new Venezuelan crude oil supply and refining agreement” with IOC.

 

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