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

0

HOUSTON – The chief executive of ONGC Videsh, India’s second-largest oil and gas company, on Sunday, March 6, 2022, 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.

Oil cargoes were assigned by Venezuelan state oil company Petroleos de Venezuela (PDVSA) to ONGC Videsh and France’s Maurel & Prom, a partner in another Venezuelan joint venture, for debt payment, Reuters reported earlier this month. Any transfer would require U.S. approval.

- ADVERTISEMENT -

Talks on the proposed oil-for-debt exchange are being handled by the U.S. Department of State and India’s U.S. embassy, CEO Gupta said. ONGC Videsh, the international arm of ONGC, is owed some $420 million from its Venezuelan joint ventures that was incurred prior to U.S. sanctions.

“It is logical from the companies’ viewpoint since it’s not tantamount to any investments” in Venezuela, said Gupta. The United States has sought to prevent cash flowing to the Venezuelan government with its sanctions.

The requests by ONGC and Maurel & Prom are under consideration, a person in Washington familiar with the authorization said earlier, but no decision has been made and there is no timetable for doing so.

Share

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Yes, I would like to receive emails from DESI TALK Headlines!. Sign me up!


By submitting this form, you are consenting to receive marketing emails from: News India Times | Desi Talk Headlines | Desi Talk Chicago, 1655 Oak Tree Road, Edison, NJ, 08820, http://Parikh Worldwide Media. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact