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India's ONGC Taking Venezuelan Oil in Lieu of Payment

OIL

India’s ONGC is set to receive oil from Venezuela to recoup its pending $600 million dividend from a stake in a project in the country.

  • ONGC holds 40% stake in the San Cristobal field in eastern Venezuela's Orinoco Heavy Oil belt.
  • "They have agreed to give us some oil in lieu of OVL's dues. We are waiting for (lifting) dates from them," Oil Secretary Pankaj Jain said.

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