Indian diplomats approaching U.S. over ONGC Videsh taking Venezuelan oil: CEO

The chief executive of ONGC Videsh, India’s second-largest oil and gas company, on Sunday confirmed talks between India and the U.S. State Department are underway to allow the company to settle past debts by trading Venezuelan oil cargoes.

CEO A.K Gupta told Reuters in Houston ahead of the CERAWeek by S&P Global energy conference that “it’s only logical” for an agreement because the proposal would not provide payment to U.S. sanctioned Venezuela’s government.