To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more




TOP STORIES
Zuckerberg discussed "TikTok danger" during private dinner with Trump

Facebook spokesman says that Zuckerberg 'cannot remember' discussing the issue of TikTok wit...



India and Venezuela will strike a barter deal



The two countries are to settle past dues of $530-600 million.



31.Oct.16 7:18 AM
By Alesya Davydova
Photo Toinnov.com

   301

India and Venezuela will strike a barter deal

India’s government agreed to strike a barter deal with Venezuela in order to settle past dues of $530-$600 million payable for its oil equity, S&P Global Platts informed citing a senior official at Indian state-owned Oil and Natural Gas Corp.

India’s ONGC Videsh Limited, that is the overseas arm of upstream major ONGC, possesses a 40% stake in the San Cristobal oil field in Venezuela. The company’s accumulated share of oil sales was also included into the dues.

"They [Venezuela's PDVSA] would be giving us crude every month," ONGC chairman and managing director D K Sarraf, who is also chairman of OVL, said after releasing ONGC's results for the second fiscal quarter (July-September).

Indian oil minister Dharmendra Pradhan raised the issue of past dues of $530 million-$600 million during a meeting with visiting Venezuelan oil minister Eulogio del Pino in August. During the meeting the countries discussed a possibility to set the issue by means of a barter deal.

Eight years ago Indian OVL invested around $190 million in the project where Venezuelan PDVSA holds a 60% stake, сообщает http://azinnov.com.




Back to the list


Related Information: