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India has reminded Venezuela the issue of past dues of $530 million-$600 million



Indian officials offer to set them by means of a barter deal.



21.Aug.16 8:24 AM
By Alesya Davydova
Photo Toinnov.com

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India has reminded Venezuela the issue of past dues of $530 million-$600 million

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, Platts.com reports citing Indian official sources. India supposes that the issue of dues payable to its oil equity is possible to be set by means of a barter deal.

The largest Indian corporation ONGC Videsh Ltd (OVL) owns a 40% stake in the San Cristobal oilfield in Venezuela. The company’s accumulated share of oil sales was included into the dues. Eight years ago the Indian corporation invested about $190 million in the project in which Petroleos de Venezuela SA holds a majority of 51% stake.

Venezuela used to be one of the three largest crude suppliers to India over January-May, but the share has fallen because of a worsening situation on Venezuela’s economy which resulted in a decrease of crude output. According to Platts estimates, Venezuela’s share in Indian crude import fell to 11.5% from 12.75% a year before.




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