Venezuela has agreed to give some oil to India’s ONGC Videsh to help it recoup its pending $600 million dividend for a stake in a project in the South American nation, India’s oil secretary said on Wednesday.
Indian refiners have resumed purchase of Venezuelan oil following the easing of U.S. sanctions on the South American country last year.
ONGC Videsh (OVL), the overseas investment arm of India’s top explorer Oil and Natural Gas Corp, holds 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt, with Venezuela’s state oil company PdVSA holding the remainder.
