India's procurement of Venezuelan crude oil has picked up momentum since April and the South American nation has already emerged as the third largest oil supplier to the country.
Venezuela's Interim President Delcy Rodriguez is in New Delhi on her sixth visit to India.
India said it is closely monitoring the evolving situation in Venezuela and reaffirmed its support for the well-being of people of the country.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
Ongoing strategic investment into assets abroad, alongside gas purchases being made by India, will soon allow the country to access as much gas as it needs, Petroleum and Natural Gas Minister Hardeep Singh Puri said on the sidelines of India Energy Week (IEW 2025).
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
ONGC Videsh Limited (OVL), the foreign arm of government-owned Oil and Natural Gas Corporation (ONGC), is likely to raise about $900 million through a bond issue abroad in January 2013.
China and Vietnam have an acrimonious relationship due to their standoff over the South China Sea, a huge source of hydrocarbons.
ONGC Videsh Limited, overseas investment arm of state-run Oil and Natural Gas Corporation, wants to buy BP's 35 per cent stake in the $1.3 billion Nam Con Son gas project in Vietnam.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on March 26.
In the first such initiative, the Bharatiya Janata Party has invited the ruling and Opposition parties from around the world to witness the Lok Sabha elections in India first-hand.
PM Modi to travel to Vietnam before going to China to attend G20 summit.
Defence, security, science and technology, trade and culture are some of the issues on the plate for the talks.
The Centre will soon write to the states to bring uniformity in the Value Added Tax on oil products so that benefits of price cuts filter down to the masses.
Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
The Indian desire to deepen its ties with Vietnam, especially in the oil sector, besides defence and trade, was conveyed to the top leadership in Hanoi by External Affairs Minister Sushma Swaraj.
For national long distance calling, the government had proposed 'One-India' in a bid to create uniform call rate across the country and for this it had invited four telecom players.
In a letter to Telecom Minister Kapil Sibal, Tata Communications chairman Subodh Bhargave gave a summary of the sequences of events since 2005, which also have concurrence of two directors nominated by the government.
Earlier, the Telecom Commission, a decision-making arm of the Telecom Ministry, had recommended that the government pick up a majority stake in the special purpose vehicle created to execute the sale of surplus land lying with VSNL (now Tata Communications).
The Reserve Bank on Thursday relaxed norms for overseas investment by Indian corporates by raising their borrowing limit.
SBI Capital Markets Limited, the merchant banking arm of SBI, is eyeing the twin accounts of HPCL and BPCL for managing the divestment programmes of the 2 oil cos.
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While the measures are aimed at moderating outflows, RBI added that genuine requirement beyond these limits will continue to be considered under the approval route.
The government told the Rajya Sabha on Thursday that Bharat Sanchar Nigam Limited and Mahanagar Telephone Nigam Limited would not be privatised in the near future.\n\n\n\n
Following Reliance Communications' announcement last week accusing Videsh Sanchar Nigam Limited of delaying implementation of an international tribunal order, VSNL said on Wednesday the announcement contained false imputations against it.
This new service will compete with several other providers, including Reliance Communications. But VSNL officials were upbeat about their offering.
Russia has been grappling with sanctions slapped by the US and its allies over Moscow's invasion of Crimea.
The Tata-controlled Videsh Sanchar Nigam Limited has come under sharp criticism from American companies who have complained about the restrictive policies adopted by it on international bandwidth access.
Reliance Industries Limited has hived-off its overseas oil and gas projects into a separate wholly-owned company based in Dubai and is eyeing a tie-up with ONGC Videsh Ltd to jointly bid for oil and gas opportunities abroad.
Reliance Communications-owned FLAG system has won a case against Tatas-owned Videsh Sanchar Nigam Limited in the International Court of Arbitration, which makes it eligible for upgrading capacity of international bandwidth.
VSNL has agreed to acquire Tyco Global Network, one of the world's most advanced and extensive submarine cable systems for $130 million.
