Today: 23 August 2025
4 January 2024
2 mins read

Venezuela to supply oil to India in lieu of pending dividend

This comes after the US eased sanctions on Venezuela’s oil sector in October. The sanctions were imposed to punish Maduro’s government following his 2018 re-election…reports Asian Lite News

Venezuela has agreed to supply crude oil to ONGC Videsh Ltd (OVL) in lieu of the pending dividend, Secretary Petroleum Pankaj Jain said.

“They have agreed to give us some oil in lieu of its pending OVL dues. We are waiting for lifting dates,” the Petroleum Secretary said.

This comes after the US eased sanctions on Venezuela’s oil sector in October. The sanctions were imposed to punish Maduro’s government following his 2018 re-election.

Earlier, Petroleum Minister Hardeep Singh Puri said that India will buy Venezuelan oil, adding that Indian refineries are capable of processing the heavy oil from the South African country.

Speaking to reporters at an event, Puri stated that New Delhi is willing to resume oil import with any nation that is not under sanction.

“India will buy Venezuelan oil. Many of our refineries including one in Paradip are capable of processing heavy oil from Venezuela. We are willing to resume (oil import) with anyone who is not under sanction,” he had said.

“We are in a situation where we are using crude oil 5 million barrels/ per day. And it is increasing every day. If Venezuela oil comes to market we will welcome it,” he added.

India last imported Venezuelan crude in 2020 when the U.S. imposed secondary sanctions on the nation. The U.S. imposed harsh sanctions on Venezuela to punish Maduro’s government following his 2018 re-election.

The South American country is producing some 850,000 barrels per day (BPD) of crude with a target of soon reaching 1 million BPD.

India, the world’s third-largest oil importer and consumer, has embarked on a strategic journey to reshape its energy landscape.

As a nation heavily reliant on overseas oil, accounting for over 80 per cent of its needs, India aims to curtail its crude import bill and bolster its refining capabilities.

This pursuit has led India to explore diverse sources, and one country that has caught its attention is Venezuela.

Venezuela, a historical player in the global oil industry, has been producing oil since 1914. With proven oil reserves of 299,953,000,000 barrels, as of 2016, Venezuela stands as one of the world’s leading holders of oil reserves, representing about 18.2 per cent of the global total.

India, eyeing opportunities to diversify its oil sources and strengthen its refining capabilities, is keenly exploring collaborations and partnerships with Venezuela. (ANI)

ALSO READ-G20 Summit: India’s Diplomatic Pinnacle in 2023

Previous Story

Ukraine FM dials Jaishankar, proposes Global Peace Summit

Next Story

Modi Seeks Transition From A Unipolar To A United World

Latest from -Top News

US sanctions more ICC judges

Washington hits at The Hague with fresh sanctions on four ICC judges and prosecutors, including French and Canadian officials, over probes targeting Israel and US actions abroad….reports Asian Lite News The United

UAE Wows Osaka!

The UAE Pavilion at Expo 2025 Osaka celebrates its three millionth visitor, blending culture, innovation, and hospitality in an immersive showcase of heritage, sustainability, and forward-looking global vision….reports Asian Lite News The

MBS & Sisi talk ties, Palestine

The two leaders reviewed the historic and strategic relations between Riyadh and Cairo and explored new ways to bolster cooperation…reports Asian Lite News Saudi Crown Prince and Prime Minister HRH Mohammed bin

Dubai’s startup supernova

Marking its 10th year, Expand North Star cements Dubai’s role as a global hub for digital innovation, uniting startups, unicorns, and investors to shape the future economy….reports Asian Lite News Expand North

Qatar: Syria’s stability key to region

Qatar, speaking for the Arab Group at the UN, urged unity and sovereignty for Syria as regional diplomacy, UN warnings, and fragile ceasefires highlight a precarious crossroads….reports Asian Lite News Qatar, speaking
Go toTop

Don't Miss

G20 environment group meeting concludes in Bengaluru

The first meeting of the ECSWG marks the beginning of

Malaysia to allow visa-free entry to Indian citizens from Dec 1

China and India are Malaysia’s fourth and fifth-largest source markets