Venezuela to supply oil to OVL in lieu of $600 million dividend

Jain told reporters that OVL is waiting for the final dates to lift the cargo.

Mint on Wednesday reported that OVL is in talks with its Venezuelan partner to secure oil cargoes in lieu of unpaid dividends totalling $600 million.

“They have agreed to give us some oil in lieu of OVL’s dues. We are waiting for dates (for lifting the crude) from them,” the secretary said.

OVL acquired 40% in San Cristobal in 2008, with PdVSA owning the balance. OVL holds the stake through ONGC Nile Ganga (San Cristobal) BV, a wholly owned subsidiary of ONGC Nile Ganga BV.

Meanwhile, union petroleum minister Hardeep Singh told the media that there are no talks underway with oil marketing companies for a revision in petrol and diesel prices.

Noting that India is the only country where fuel prices have come down amid the Russia-Ukraine crisis, he said the government’s focus is on ensuring availability and affordability of energy amid geopolitical tensions in West Asia and Ukraine.

“I have clarified that there have been no discussions with OMCs (oil marketing companies),” Puri said.

“We are in a highly turbulent situation. There are two areas on the global map which are in conflict situation,” he said.

He said that in other South Asian countries, the prices of petrol and diesel increased by around 40-80% while in India, the Centre had lowered the excise duty in November 2021 and May 2022.

On reports that payment issues with Russia have impacted imports of crude from the country, Puri said that there are no issues regarding payment and that India is buying around 1.5 million barrels of Russian oil every day.

“The country is still buying 1.5 million barrel a day of crude from Russia and if there had been any payment issues then there should have been no supplies at all,” Puri said, pointing out that India is the third largest consumer of crude oil.

He added that several other countries have also offered discounts to India because of the high demand.