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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.

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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.

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