Tuesday, 31 January 2017
ONGC Videsh Gets First Installment Of $19 Million From Venezuela
India's Oil and Natural Gas Corp has received the first installment of $19 million from Venezuela's state oil firm Petroleos de Venezuela towards recovering pending dividend, a senior company official said.
PDVSA and ONGC Videsh Ltd, the overseas investment of arm of state-run explorer ONGC, last year signed a deal allowing the Indian firm to get 17,000 barrels per day of oil to recover dues of about $540 million.
"PDVSA is marketing our share of oil. Every month we will get an installment," N. K. Verma, managing director of ONGC Videsh told Reuters late on Monday.
Get Two Days Free Trial from here and work with us click here http://www.ripplesadvisory.com/services.php.
He said price of crude from San Cristobal project is market linked. ONGC has 40 percent stake in the project with PDVSA holding the remainder. ONGC has invested $200 million in the San Cristobal field and has not received any dividend since 2009.