OVL nears US approval for Venezuela operations amid sanctions challenges
3 months, 3 weeks ago

OVL nears US approval for Venezuela operations amid sanctions challenges

Live Mint  

ONGC Videsh Ltd is close to securing a crucial licence from the US Office of Foreign Assets Control, a move that would enable it to resume operations in Venezuela. OVL, the overseas arm of India's state-run ONGC, has sought a 'specific licence' similar to one granted to Chevron, which would allow the Indian company to operate in the heavily sanctioned South American nation, Gupta told reporters. Read this | As sanctions return to Venezuela, OVL has a problem on its hands "We are in discussion with the government of Venezuela to take charge of operations of the two projects there in the new model, which we call the Chevron model, as Chevron has been doing. On 30 July, Mint had reported that OVL has sought waiver from US sanctions to resume operations in Venezuela and take possession of oil cargoes that Venezuela has promised in lieu of dividends worth $600 million.

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Reliance, Venezuela’s PDVSA resume oil swap under U.S. authorisation, shows document
3 days, 20 hours ago

Reliance, Venezuela’s PDVSA resume oil swap under U.S. authorisation, shows document

The Hindu  

“Reliance Industries and Venezuela’s state oil company PDVSA have resumed an oil swap that had been paused owing to U.S. sanctions on the South American country,” according to an internal PDVSA document showed on Thursday Reliance and other refiners had imported Venezuelan oil earlier this year under a broad U.S. license that expired in April. Reliance Industries denies any cash …

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