ONGC Videsh to get oil from Venezuela in lieu of $600 million dividend
Venezuela has agreed to ship oil to the country for enable ONGC Videsh (OVL) to recover the pending $600 million dividend for its stake in the San Cristobal Project in the South American country, Pankaj Jain, oil secretary said on Wednesday.
“They have agreed to give us some oil in lieu of OVL’s dues. We are waiting for (lifting) dates from them,” the secretary told reporters on the sidelines of a conference here.
OVL, the overseas subsidiary of state-run Oil and Natural Gas Corp (ONGC), holds 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt. Venezuela’s state oil company Petróleos de Venezuela SA (PdVSA) holds the remaining stake.
