Indian minister requests long-term crude supply from Venezuela

Citing the “increasing appetite” for crude at Indian refineries, India’s minister for petroleum and natural gas has requested long-term supplies from Venezuela.

M. Veerappa Moily met with Rafael Ramirez, Venezuela’s minister of energy and mines, who led a delegation to India for a review of cooperation in the hydrocarbons sector.

Indian representatives on Sept. 24 cited difficulties related to pricing and signing of term contracts for importation of crude from Venezuela. And, for Indian companies working in the Venezuelan exploration and production sector, delayed dividend payments to joint venture partners were noted.

Ramirez encouraged Indian companies to increase participation and invited them to attend a meeting in Venezuela Oct. 7-9. Ramirez assured his audience that all issues would be discussed in detail to arrive at mutually acceptable solutions.

Both agreed to completing a comprehensive package that would also include participation by Indian companies in providing expertise for infrastructure and technology, and for boosting trade in goods and services.

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