Venezuela to clear OVL dues in instalments

Paid $88 mn in the months from December to March out of pending dues of above $535 mn, says OVL MD

State-run ONGC Videsh Ltd expects Venezuela state oil firm Petroleos de Venezuela to pay off dividend dues of $537.6 million within three years. As part of a deal signed with India last year, the Latin American major has so far paid $88 million in four instalments to the ONGC subsidiary. 

The cash-strapped nation, which holds one of the world’s biggest oil reserves, has been unable to pay to its foreign partners because of a drop in crude oil prices and diversion of funds to social programme and fuel subsidies. 

OVL, which has 40 per cent stake in San Cristobal field,