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Corrected: Venezuela hopes to create non-dollar trading bloc


(Corrects spelling of Venezuela's minister throughout)

By Nidhi Verma and Promit Mukherjee

(Reuters) - hopes to create a trade bloc consisting of China, and to help the South American country settle payments in currencies other than the dollar, its minister said on Tuesday.

The strife-torn country is looking for alternative payment methods to keep oil flowing to India, a crucial export market, especially after the imposed sanctions curbing the OPEC member's crude exports to the

"We all can build one economy and that economy does not necessarily have to be within the dollar economy," said, referring to China, and

Quevedo, who on Monday said was open to barter trade with New Delhi, declined to disclose details on how he planned to do business with

"We are certainly not going to inform (regarding how we plan to do business) those who want to destroy our oil industry," he said on the sidelines of India's biennial Petrotech Conference.

is supplying oil to all of its clients including despite sanctions, Quevedo said.

Reliance, which pays for a significant amount of its purchases from in cash, supplies fuel to through its U.S. unit RIL, PDVSA's internal trade records show.

(Editing by Sudarshan Varadhan, and Jan Harvey)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 19:53 IST