Daily Management Review

Venezuelan Oil Will Be Purchased By India, Indian Minister Says


Venezuelan Oil Will Be Purchased By India, Indian Minister Says
Since some Indian refiners are equipped to handle heavy crude oil, India would purchase Venezuelan oil, the country's oil minister, Hardeep Singh Puri, announced on Friday.
Following the US lifting of sanctions in October, Indian refiners have already started buying Venezuelan oil again. Reliance Industries, Indian Oil Corp, and HPCL-Mittal Energy have all secured cargoes of Venezuelan oil.
In 2020, India last imported crude oil from Venezuela.
"Many of our refineries, including Paradip, (are) capable of using that heavy Venezuelan oil. And we will buy (Venezuelan oil)," Puri told reporters at a press conference.
With more than 80% of its oil needs being imported from abroad, India is the third-largest consumer and importer of oil in the world. It is seeking to increase refining while lowering the cost of its crude imports.
The minister went on, "India is willing to buy oil from any country that is not sanctioned."
According to Puri, India can now refine five million barrels of oil per day, and this capacity is growing. "...if Venezuelan oil comes to market we welcome it," he stated.
Referring to India's Oil and Natural Gas Corp., which has more than $500 million in unpaid dividends for its interest in Venezuelan enterprises since 2014, the minister also stated that some Indian funds are stuck in Venezuela.