Venezuela Fails To Pay Debt To India

Venezuela stopped payments to India's ONGC Videsh Ltd, who owns jointly with PDVSA the San Cristobal energy project. PDVSA is into OVL for about $444 million. 

PDVSA apparently paid three installments and then stopped, and did not pay any dividends to OVL from 2009 to 2013 (no dividends were declared after 2013).

OVL is asking for oil in lieu of the payments. PDVSA offered India last week a 30% discount on crude oil if India pays in El Petro. India has refused. 

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5 hours ago, Rodent said:

Venezuela stopped payments to India's ONGC Videsh Ltd, who owns jointly with PDVSA the San Cristobal energy project. PDVSA is into OVL for about $444 million. 

PDVSA apparently paid three installments and then stopped, and did not pay any dividends to OVL from 2009 to 2013 (no dividends were declared after 2013).

OVL is asking for oil in lieu of the payments. PDVSA offered India last week a 30% discount on crude oil if India pays in El Petro. India has refused. 

Viva La Revolucion!

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Quite surprised to read this. Such kind of news are never reported in mainstream media. While defaulters like Venuzuala continue to default , why India is ignoring states like Iran ?

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