ONGC Videsh is owed some $420 million from its Venezuelan joint ventures that was incurred prior to US sanctions.
The chief executive of India's second-largest oil and gas company ONGC Videsh confirmed on Sunday that talks are underway between India and the US State Department to allow the company to settle past debt by trading Venezuelan oil cargo. .
CEO AK Gupta told Reuters in Houston ahead of CERAWeek by the S&P Global Energy Conference that "it's only logical" for an agreement to be made because the proposal isn't available in the U.S. Approved will not provide payment to the Venezuelan government.
Gupta said the loan against oil deal is being discussed by the US State Department and the US Embassy in India. ONGC Videsh, ONGC's international arm, owes about $420 million from its Venezuelan joint ventures that are not the U.S. was spent before the sanctions.