The chief executive of ONGC Videsh, India's second-largest oil and gas company, on Sunday confirmed talks between India and the U.S. State Department are underway to allow the company to settle past debts by trading Venezuelan oil cargoes.
CEO A.K Gupta told Reuters in Houston ahead of the CERAWeek by S&P Global energy conference that "it's only logical" for an agreement because the proposal would not provide payment to U.S. sanctioned Venezuela's government.
The discussions over an oil-for-debt deal are being handled by the U.S. Department of State and India's U.S. embassy, Gupta said. ONGC Videsh, the international arm of ONGC, is owed some $420 million from its Venezuelan joint ventures that was incurred prior to U.S. sanctions.
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