Post #1452

Next in line to ramp up purchases of Venezuelan crude is India. ONGC Videsh Limited (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corporation Ltd. (ONGC), is currently in negotiations with PDVSA to receive cargoes between January and March. The shipments will offset a reported $600 million debt, including interests, accrued during the US sanctions period. According to India’s petroleum secretary, Pankaj Jain, the company is waiting for date confirmation to begin lifting oil. OVL holds a 40 percent stake in the San Cristobal field, located in the Orinoco Oil Belt, with PDVSA holding the remaining 60 percent. Before US sanctions, India was an active buyer of Venezuelan crude, importing approximately 300,000 barrels per day, mostly by India’s largest refiner Reliance Industries. Since 2021, the company has been pressing the US government for a license to resume imports. Read more 👇 https://venezuelanalysis.com/news/venezuela-boosts-crude-exports-as-india-resumes-oil-purchases/