Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / India requests Venezuelan to clear oil dues
  • Business

    India requests Venezuelan to clear oil dues

    Written by
    Achin Garg
    Edited by
    Gaurav Jeyaraman
    Last updated on May 25, 2016, 02:01 pm
    India requests Venezuelan to clear oil dues
  • Oil minister Dharmendra Pradhan met Venezuelan Ambassador Augusto Montiel to explore ways for clearing $660 million that the Venzuelan national oil firm PdVSA owes to ONGC Videsh Limited.

    The dues are dividends owed to OVL for production from the San Cristobal project, where OVL and PdVSA are in a partnership.

    Various options including escrow accounts and trading oil for Indian pharmaceutical products were discussed.

  • In this article
    Venezuela: A profile The payment crisis Indo-Venezuelan trade statistics India trying to resolve payment issues with Venezuela The proposed payment mechanism Venezuela's consent awaited India requests Venezuelan to clear oil dues
  • About

    Venezuela: A profile

    Venezuela: A profile
    Credits:
  • Venezuela is a Latin American country which has huge geographical diversity from snow-capped Andean mountains in the West to Amazonian forests in the South.

    With a population of 30 million, the country is one of the most urbanised nations in South America.

    Venezuela has some of the largest proven reserves of oil in the world and its economy is highly dependent on oil.

  • Personal

    The payment crisis

  • Due to the low oil prices which have crippled the Venezuelan economy, Venezuela has imposed price caps and currency controls to control inflation and depreciation of its currency. This has affected Indian exporters who are finding it difficult to receive payments.

  • Trade

    Indo-Venezuelan trade statistics

    Indo-Venezuelan trade statistics
  • Indo-Venezuelan trade stood at $12 billion for FY2014-15. The trade skews highly in favour of Venezuela.

    In 2014-15, Venezuela's exports to India stood at $11.7 billion comprising mainly oil and some iron alloys, whereas India's exports to Venezuela were $258 million comprising mainly pharmaceuticals.

    However, the trade shrank drastically during FY2015-16. While Indian exports declined to $125 million, Venezuelan exports reduced to $5.2 billion.

  • 10 May 2016

    India trying to resolve payment issues with Venezuela

    India trying to resolve payment issues with Venezuela
    Credits:
  • The Indian Commerce Ministry is trying to solve the crisis arising out of the non-payment of dues by Venezuelan importers to Indian exporters.

    Venezuela's oil-dependent economy is undergoing a difficult phase due to low oil prices in the international market.

    Hence, in order to check the declining Indian exports to Venezuela, India has sent a new mechanism of payment for approval to Venezuela.

  • Mechanism

    The proposed payment mechanism

    The proposed payment mechanism
  • According to this proposed mechanism, a certain portion of Indian importers' payment to Venezuela will be stored in SBI's Venezuelan branch.

    This money will be kept under a Vostro account in SBI Mumbai.

    When the Venezuelan importers receive Indian goods, they will direct SBI Venezuela to release payments which in turn, will be received by Indian exporters through SBI's Mumbai branch.

  • Personal

    Venezuela's consent awaited

  • The proposed mechanism solves the non-payment crisis. However, since the balance of trade is highly tilted towards Venezuela, the money mainly belongs to Venezuela. Hence, its consent is awaited to make this mechanism operational.

  • 25 May 2016

    India requests Venezuelan to clear oil dues

    India requests Venezuelan to clear oil dues
  • Oil minister Dharmendra Pradhan met Venezuelan Ambassador Augusto Montiel to explore ways for clearing $660 million that the Venzuelan national oil firm PdVSA owes to ONGC Videsh Limited.

    The dues are dividends owed to OVL for production from the San Cristobal project, where OVL and PdVSA are in a partnership.

    Various options including escrow accounts and trading oil for Indian pharmaceutical products were discussed.

Latest News
  • #ComicBytes: Interesting facts about the Falcon aka Sam Wilson
    #ComicBytes: Interesting facts about the Falcon aka Sam Wilson
    Entertainment
  • This year's Oscar documentary race has two ex-US Presidents' connections
    This year's Oscar documentary race has two ex-US Presidents' connections
    Entertainment
  • Seema Pahwa's 'Ramprasad ki Tehrvi' to release on Netflix
    Seema Pahwa's 'Ramprasad ki Tehrvi' to release on Netflix
    Entertainment
  • #HealthBytes: The many health benefits of tai chi workouts
    #HealthBytes: The many health benefits of tai chi workouts
    Lifestyle
  • Everything you must know about Genetically Modified Organisms or GMOs
    Everything you must know about Genetically Modified Organisms or GMOs
    Lifestyle
Trending Topics
Bharti Airtel Mukesh Ambani Twitter WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Twitter Indian Premier League Samsung Virat Kohli
Rohit Sharma Cricket News YouTube Hollywood News WhatsApp Bollywood News ISRO Yoga Honda Batman
Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Royal Challengers Bangalore Toyota Fashion Tips Mercedes
James Anderson Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics Avengers Neha Kakkar Premier League
Big Bang Theory X-Men TATA Royal Enfield
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021